2017-10-13 04:59:33 | General Motors upgraded to Overweight from Equal Weight at BarclaysBarclays analyst Brian Johnson upgraded General Motors (GM) to Overweight and raised his price target for the shares to $55 from $41. The automaker closed yesterday down 58c to $44.89. GM is set to recoup lost market capitalization from Tesla (TSLA), Johnson tells investors in a research note partially titled "Mary to Elon: Give me my market cap back." General Motors is making "significant progress" on electrification and autonomy, just as Tesla faces issues ramping production, the analyst writes. He expects the investor narrative to shift towards his view that GM may not be the "'dinosaur' that its low multiple would imply." Johnson says the potential "Tesla effect" on keeping GM's multiple compressed despite strong earnings can't be underestimated. The analyst this morning also downgraded Ford (F) to Equal Weight. | |
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