Canaccord Genuity Morning Coffee on General Motors (GM): Euro-trashed
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Price: $87.93 +2.07%
Rating Summary:
28 Buy, 13 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
28 Buy, 13 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on General Motors (NYSE: GM): Euro-trashed.
General Motors sees sales and pricing “clearly deteriorating” in Europe according to analysts who met with management last week. CFO Dan Ammann and Treasurer James Davlin hosted the meeting with a group of analyst, with one stating that Europe’s vehicle pricing has “worsened significantly: over the past few months. The analyst went on to say, “GM appears to expect a more substantial industry volume decline during this cycle…(the automaker) expects more substantial capacity reductions and by a broader group of automakers.” Auto executives have a forecast that deliveries in Europe will fall by roughly 5% this year, the fifth consecutive year of decline. Last year, GM lost $747 million in Europe and earlier this month said it will be announcing a restructuring plan in the region. Analysts speculate that GM will have to spend as much as $1 billion to revive its European operations. The analyst reports come shortly after GM announced a plan to pay $420 million for 7% of PSA Peugeot Citroen, Europe’s second largest automaker, a deal which was met with sceptism from analysts and investors. GM executives were unavailable to comment.
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General Motors sees sales and pricing “clearly deteriorating” in Europe according to analysts who met with management last week. CFO Dan Ammann and Treasurer James Davlin hosted the meeting with a group of analyst, with one stating that Europe’s vehicle pricing has “worsened significantly: over the past few months. The analyst went on to say, “GM appears to expect a more substantial industry volume decline during this cycle…(the automaker) expects more substantial capacity reductions and by a broader group of automakers.” Auto executives have a forecast that deliveries in Europe will fall by roughly 5% this year, the fifth consecutive year of decline. Last year, GM lost $747 million in Europe and earlier this month said it will be announcing a restructuring plan in the region. Analysts speculate that GM will have to spend as much as $1 billion to revive its European operations. The analyst reports come shortly after GM announced a plan to pay $420 million for 7% of PSA Peugeot Citroen, Europe’s second largest automaker, a deal which was met with sceptism from analysts and investors. GM executives were unavailable to comment.
To see more ratings on GM, Click Here
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