Deutsche Bank Cuts Estimates on General Motors (GM); Negative Read-Across

June 29, 2012 11:08 AM EDT
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Price: $37.34 --0%

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Deutsche Bank maintains a 'Buy' on General Motors (NYSE: GM) price target of $31.00.

Deutsche analyst said, "While GM this week re-iterated its expectation of approx. $1 bn losses in Europe, in-line with our forecast, there is limited conviction in this forecast. We have noted that Opel appears to be planning negative pricing adjustments. And there have been negative developments in South America, including the devaluation of the Real, recently enacted tariffs in Brazil, and the recent (announced Tuesday) suspension of an automotive free trade accord between Argentina and Mexico. We are adjusting our 2012 and 2013 EPS estimates to $3.05 and $3.45 from $3.25 and $3.60."

For an analyst ratings summary and ratings history on General Motors click here. For more ratings news on General Motors click here.

Shares of General Motors closed at $19.82 yesterday.

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