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14.06.2019 19:44:49

GM stock cut to sell on expectation of lower guidance

Garrett Nelson at CFRA on Friday downgraded General Motors Co. stock to sell, from buy, on bearish expectations for auto sales, GM's operating margin forecasts, and "a belief that GM is likely to lower earnings guidance," he said. Nelson also cut his 12-month price target on the shares by $8 to $32, and lowered full-year profit estimates for 2019 and 2020. GM global sales fell 10.4%, including a 7% drop for U.S. sales, "and recent data suggests that demand remains weak, particularly in China (43.5% of GM's total vehicle sales in 2018)" Nelson said. "We expect weak sales and the negative impact of the trade war to weigh on GM's margins." GM shares fell 0.8% on Friday. The stock has gained 35% this year, compared with gains of 15% and 12% for the S&P 500 index and the Dow Jones Industrial Average. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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