UPDATE: Morgan Stanley Downgrades General Motors (GM) to Equalweight

Morgan Stanley analyst Adam Jonas downgraded General Motors (NYSE: GM) from Overweight to Equalweight with a price target of $55.00 (from $75.00).

The analyst comments "This was triggered by a lower than expected 2022guide ($10 impact to our PT). We have also re-evaluated GM as a SOTP story and this has led us to change the valuation methodology for GM from SOTP to DCF(resulting in $10 cut to our PT). We now expect 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. We still harbor concerns around the legacy OEM's shift from ICE to electrification, which we have modeled via forecasting GM to be a smaller company going forward (-2% revenue CAGR to 2030)."

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 $50.71 yesterday.

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