Jefferies Starts General Motors (GM) at Hold
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Jefferies initiates coverage on General Motors (NYSE: GM) with a Hold rating and a price target of $33.00.
Analyst Philippe Houchois commented, "We initiate coverage of General Motors with a Hold rating and price target of $33. Our through-the-cycle fair value is $42. Our upside scenario suggests a $45 PT assuming 7% auto operating margin, while our scenario of a 5% US downturn and reversal in Europe would take EPS to $3.5, with share price downside to $22 on our PE adjusted for associates earnings."
Shares of General Motors closed at $30.88 yesterday.
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