Barclays Upgrades General Motors (GM) to Overweight, 'We prefer GM over Ford'
Barclays analyst Dan Levy upgraded General Motors (NYSE: GM) from Equalweight to Overweight with a price target of $37.00.
The analyst comments "We upgrade Ford and GM to OW from EW, as we believe the different pressures on the business have created "peak pain," yielding trading multiples at historical lows. While we acknowledge that structural concerns aren’t likely to dissipate any time soon, we believe even a modest reversal of sharply negative sentiment could drive attractive upside. Indeed, our upgrades include no updates to our models, but recent price action now leaves our PTs of $37 for GM and $14 for Ford with ~30% / ~40% of upside, respectively. We prefer GM over Ford."
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Shares of General Motors closed at $28.20 yesterday.