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- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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