Nomura Securities Starts General Motors (GM) at Neutral
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Nomura Securities initiates coverage on General Motors (NYSE: GM) with a Neutral rating and a price target of $33.00.
Analyst Anindya Das commented, "GM’s pickup truck business in the US is very profitable and we do not expect the company to suffer from any abrupt changes to its market share in this segment. Following its bankruptcy and subsequent restructuring, GM has steadily built up its automotive finance business. This captive finance arm has been doing well and we see room for it to further increase its earning assets over the next couple of years. However, these positives are balanced by downside risks to China’s automotive market in 2017, where GM has a substantial exposure through its Chinese JVs. Furthermore, outside North America, the company has yet to break even in Europe on an annual basis, and its prospects for doing so in the near term are clouded by Brexit uncertainties. GM also faces comparatively weaker positioning in South America, where it steadily has been losing market share, especially in Brazil, the region’s largest market."
Shares of General Motors closed at $31.72 yesterday.
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