General Motors Co (NYSE: NYSE:GM) shares are trading lower Wednesday after Morgan Stanley (NYSE:MS) slashed its price target on the stock.
Morgan Stanley analyst Adam Jonas maintained General Motors with an Equal-Weight rating and lowered the price target from $42 to $30, citing a weak outlook for GM's China business.
The Morgan Stanley analyst also prefers the valuation of Ford Motor Co (NYSE: NYSE:F) over General Motors stock at current levels. Both companies reported September sales numbers this week.
September Sales: GM said it sold 555,580 vehicles in the United States in the third quarter, up 24% year-over-year. The company said the jump in sales was due to strong customer demand and improved availability.
Ford said it sold a total of 142,644 vehicles in September, consisting of 68,299 trucks, 70,887 SUVs and 4,691 EVs. EV sales were up 197.3% on a year-over-year basis.
GM is set to report its third-quarter financial results before the market opens on Oct. 25.
GM Price Action: GM has a 52-week high of $67.21 and a 52-week low of $30.33.
The stock was down 2.01% at $35.06 Wednesday morning, according to Benzinga Pro.
Photo: courtesy of General Motors.
Latest Ratings for GM
Mar 2022 | Benchmark | Maintains | Buy | |
Feb 2022 | Nomura Instinet | Downgrades | Buy | Neutral |
Feb 2022 | Morgan Stanley | Downgrades | Overweight | Equal-Weight |
View the Latest Analyst Ratings
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.