Jefferies Cuts Price Target on GM (GM)

Jefferies lowered its price target on Hold-rated General Motors (NYSE: GM) from $33 to $29 citing a weaker macro backdrop.

The firm cut price targets across the Auto and Auto Parts sector.

The firm commented, "We are resetting our 2012 production and EPS estimates across the board to levels that we believe reflect more reasonable macroeconomic assumptions. Some may view our cuts as too severe. However, consensus for 2012 discounts 14.4% EBITDA growth across our auto coverage, likely requiring a high-13mn to low-14mn SAAR to support. While clearly possible, this scenario does not feel like a reasonable "base case."

For more ratings news on General Motors click here and for the rating history of General Motors click here.

Shares of General Motors closed at $25.83 yesterday.

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