Jefferies Lowers Numbers on GM (GM)

Jefferies lowered numbers on General Motors (NYSE: GM) despite strong Q1 results as management talked down Q2 and Q3 segment profits at GMNA and suggested dealer destocking in Europe during 2Q.

The firm comments, "We believe both comments weighed on the stock. We'd be willing to look through a weaker 2012 in North America, as the product cadence improves dramatically next year. However, concerns over the potential magnitude of European losses keep us on the sidelines."

The firm's price target moves from $29 to $25, Q2 EPS goes down from $1.28 to $0.87, FY12 EPS goes from $3.99 to $3.36 and FY13 goes from $5.11 to $4.82.

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 $22.37 yesterday.

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