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Fly News Breaks for March 14, 2018
Mar 14, 2018 | 08:28 EDT
Morgan Stanley analyst Adam Jonas raised his U.S. seasonally adjusted annual rate, or SAAR, forecast for automakers by an average of 850,000 units from 2018 through 2021, which represents slightly more than a 5% increase from his prior forecast. However, his average U.S. SAAR forecast is still well below last year's 17.3M units and 8% under the cyclical high of 17.6M units in 2016. Jonas points to U.S. tax reform and "relatively stable" recent trends in auto sales and credit as reasons for the hike, noting that while infrastructure action from the federal government could be a material positive, it is not explicitly in his new forecast. Adding that the higher view has a net positive impact on estimates and price targets for exposed auto Original Equipment Manufacturers, or OEMs, and suppliers, Jonas raised his price targets on General Motors (GM), Asbury Automotive (ABG), AutoNation (AN), Group 1 Automotive (GPI), Lithia Motors (LAD), Penske Automotive (PAH), Sonic Automotive (SAH) and Ford (F). He also double upgraded Ford, to Overweight from Underweight, this morning.
News For GM;ABG;AN;GPI;LAD;PAG;SAH;F From the Last 2 Days
Dec 15, 2018 | 08:26 EDT
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. AUTOS: China's top... To see the rest of the story go to See Story Here
Dec 14, 2018 | 11:30 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. DEUTSCHE CAUTIOUS ON... To see the rest of the story go to See Story Here
Dec 14, 2018 | 10:52 EDT
General Motors Canada committed to provide financial support to help its employees with retraining and other assistance that will help them be prepared for more than 2,400 "good, available new jobs" estimated to be open in the Durham Region area in 2019 and 2020. GM Canada has been contacted by a variety of individual employers with job opportunities for the highly skilled employees at Oshawa Assembly. Job fairs and targeted training programs are being prepared by a coalition of local partners to help auto workers transition to their next careers. More details of specific support from GM Canada and others will be confirmed as the company works with Unifor and its partners.
Dec 14, 2018 | 10:37 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tesla (TSLA) initiated with an Outperform at Wedbush and a Hold at Deutsche Bank. 2. New York Times (NYT) initiated with an Outperform at Evercore ISI. 3. Ford (F) and General Motors (GM) were initiated with a Buy at Deutsche Bank, while Autoliv (ALV) was initiated with a Sell. 4. AstraZeneca (AZN) initiated with a Buy at SunTrust while GlaxoSmithKline (GSK) was initiated with a Hold. 5. DaVita (DVA) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Dec 14, 2018 | 09:54 EDT
General Motors said it is starting the process of sending formal notices to U.S. government agencies of its plan to close auto plants and cut thousands of jobs as it shrinks passenger car production in North America, says Reuters. GM said almost 3,000 hourly active U.S. workers at four U.S. plants that will end production next year are eligible for new jobs at other plants, added the report. Reference Link
Dec 14, 2018 | 06:00 EDT
China's finance ministry announced it will suspend additional tariffs on U.S.-built cars and auto parts for three months beginning Jan. 1, 2019, Reuters reports, citing the ministry. The government will suspend 25% tariffs on 144 U.S. car and auto part items and 5% tariffs on 67 auto items between Jan. 1 and March 31, 2019. Publicly traded companies in the space include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link