Goldman Sachs Cuts Price Target and Estimates on GM (GM)

Goldman Sachs trimmed estimates and its price target on General Motors (NYSE: GM) from $40 to $38, but retained its Buy rating, after cutting its US and European 2012 auto sales forecasts by 7% and 3%, respectively.

FY11 EPS goes from $5.39 to $4.82 and FY13 goes from $6.35 to $5.88.

Goldman's global SAAR numbers for 2012 goes to 80.4 million, from 82 million. In 2013, they go to 85.5 million from 86.8 million. The majority of the cut comes from the U.S. and North America with Europe the second largest contributor.

Goldman sees 2012 North American production at 13.51 million, down from its prior forecast of 14.43 million. In 2013, the see North American production of 14.44 million, down from its prior view of 15.25 million.

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 $24.94 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Ottawa weighs proposal on auto tariffs as it presses U.S. for reprieve - Globe and Mail
• EVgo and GM Enhance the Charging Experience with New Flagship Sites 
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery