Jefferies Maintains a 'Hold' on General Motors (GM); Q2 Review

Jefferies maintains a 'Hold' on General Motors (NYSE: GM) price target of $22.00 (from $23.00).

Analyst, Peter Nesvold, said, "GM closed down 2.6% on Thursday (vs. the S&P 500 down 0.7%) after posting an impressive 18% beat on EPS. North America drove the vast majority of the upside to earnings, although Europe was the more pleasant surprise."

"Downward revisions more likely than not. GM is moving with a sense of urgency that we felt was missing 12-18 months ago. Nonetheless, our default position on auto stocks is that the direction of earnings revisions matters more than valuation in a vacuum."

FY12 EPS estimate lowered from $3.20 to $3.07 and FY13 from $4.28 to $4.22.

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 $19.14 yesterday.

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