Berenberg Starts General Motors (GM) at Sell; Shareholder Returns at Risk
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Berenberg initiates coverage on General Motors (NYSE: GM) with a Sell rating and a price target of $29.00, saying shareholder returns are at risk.
Analyst Alexander Haissl commented, "Doing the right things, but shareholder returns at risk: We initiate coverage of General Motors (GM) with a Sell rating and $29 price target because we believe that the market’s expectations of sustained high shareholder returns are unlikely to be met. Share buybacks and dividends have somewhat offset the overall cycle worries, but we think buybacks are unsustainable beyond 2016. Although management is making the right strategic decisions, we see few reasons for excitement at this stage. However, we believe GM is better positioned relative to Ford."
Shares of General Motors closed at $33.01 yesterday.
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