Citi Reiterates General Motors Buy, $50 PT (GM)

Citi reiterates its General Motors GM Buy rating and $50 price target.

In a report, Citi states, "— All things considered, we believe GM shares handled the news reasonably well having underperformed only slightly on a down day. Though Mr. Liddell's departure came as a surprise, we take comfort in GM's reassuring commentary about its Q1 performance as well as our confidence in Mr. Ammann's capabilities at the CFO role. GM shares have undoubtedly faced volatility due to technical issues, geo-political/macro volatility and now a sudden (though not shocking) management change. While this volatility may persist nearterm, the fundamental investor story remains intact."

Shares of General Motors were trading at $31.25 in pre-market trading at the time of posting, down 0.54% from Thursday's market close.