10 Best Industrial Distribution Stocks to Invest In According to Hedge Funds

9. United Rentals Inc. (NYSE:URI)

United Rentals Inc. (NYSE:URI) is one of the 10 best industrial distribution stocks to invest in according to hedge funds. The company remains committed to enhancing its AI-enabled capabilities. Back on May 19, it announced the expansion of its AI-powered Equipment Agent to the ChatGPT platform. This gives customers a quicker and easier way to find equipment solutions for complex jobsites and urgent requirements. This is the first-ever equipment rental tool available from the ChatGPT platform.

The tool was rolled out earlier this year as the first recommendation engine for the sector, guiding operators on project requirements via the chat interface and providing recommendations for equipment accordingly. Metrics collected to date show that customers are using the tool for specifications and rentals.

Speaking about this tool, Tony Leopold, SVP and Chief Technology & Strategy Officer at United Rentals, said that AI makes expertise more accessible. He stated that by making the tool available via ChatGPT, the company is meeting operators on the digital platforms they already utilize to plan work and make decisions.

Such developments, along with survey-led momentum, have led analysts to take notice of the company’s prospects. During the first week of June, UBS increased its target price on the stock from $1,025 to $1,145, while reiterating a Buy rating on the stock.

United Rentals Inc. (NYSE:URI) is an equipment rental company that offers trench and underground safety equipment, climate and fluid solutions, industrial equipment, and site infrastructure. The company also provides storage equipment for rent, and sells compressors, aerial lifts, reach forklifts, and generators.