Morgan Stanley Downgrades This Auto Giant - Read Why - General Motors (NYSE:GM)

Morgan Stanley analyst Adam Jonas downgraded General Motors Co GM from Overweight to Equal-Weight and reduced the price target to $55.00 from $75.00, implying an 8.48% upside.
The analyst noted that the lower-than-expected 2022 guidance triggered the reduced price target.
He expects GM to remain one holistic company for at least the next 12-18 months as management builds out its EV, AV, and connected car capabilities.
Adam still harbors concern around the legacy OEM's shift from ICE to electrification, modeled by forecasting GM to be a smaller company going forward.
Price Action: GM shares are trading lower by 3.96% at $48.70 in premarket on the last check Tuesday.