General Motors (GM) PT Raised to $30 at Daiwa Securities After China JV Income Drives Upside
- Dow, S&P post worst week in months after hawkish Fed spooks investors
- Fed-fueled dollar rises as bears make for exits
- Adobe (ADBE) Edges Higher After Topping Q2 Estimates, Analysts Raise PT on 'Impressive' Performance
- Fed Statement Very Bullish for Tech Stocks, Focus on Cloud and Cyber Stocks - Wedbush
- You Fight Real Physical Inflation With Rate Hikes, Not Talk of Rate Hikes; Buy the Dip in Commodities, Gold Underpriced - Goldman Sachs
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Daiwa Securities analyst Jairam Nathan raised the price target on General Motors (NYSE: GM) to $30.00 (from $26.00) while maintaining a Outperform (2) rating after the company reported automotive operating loss of $0.8bn for the quarter, $1bn better than expected. The upside was led by lower losses at GMNA and profitability at China JVs. China JV income came in at $165mn compared to the breakeven results we had modeled, Excluding China JV income, GM’s International (GMI) lost $0.3bn in the quarter, inline with expectations.
The analyst stated "We are raising our 2020 EPS estimate to $1.95 from $0.35 prior to reflect 2Q:20 upside and better margin performance in 2H:20. Our 2H:20 EBIT estimate of $3.8bn is below the scenario provided by GM and reflects a 5% decline in GMNA volumes and limited improvement in GMIO. We see potential upside at GMIO from improvement in Korea operations as the region exports Trailblazers to the US. We expect GM to generate over $5bn in free cash flow in 2H:20".
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citi Downgrades InvoCare Ltd. (IVC:AU) to Sell
- CIMIC Group (CIM:AU) (LGTHF) PT Lowered to AUD27 at HSBC
- Morgan Stanley Downgrades Sumitomo Rubber Industries (5110:JP) to Underweight
Create E-mail Alert Related CategoriesAnalyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!