Citi Reiterates Buy On GM

Citi has reiterated a Buy Rating on General Motors GM following a dinner with the CFO. According to Citi, “On Japan, management appears to have a clearer picture of the supply chain having thus far managed to address emerging issues, though the fluidity of the situation would make an “all-clear” declaration premature. We also found management's commentary around its pricing strategy and structural costs reassuring. Europe 2011 targets remain on track.” GM has a $50 Price Target and closed at $32.31 a share yesterday.