JP Morgan Maintains Overweight on General Motors After December Sales Results

JP Morgan has published a research report on General Motors

after the company reported December sales that were in-line with analyst estimates. In the report, JP Morgan writes, "GM US December sales rose +5% y/y, in line with Bloomberg consensus (+5%). Pickup truck inventory days' supply dropped to 73 days at Dec-end (vs. 105 days at Nov-end), while absolute pickup inventories declined by ~22K units to 181K units (vs. GM's target year-end inventories of 200K units). Retail sales saw modest growth (up +2% y/y), but fleet sales were up +17% y/y (unadjusted). GM estimates total industry (incl. medium/heavy trucks) SAAR of 13.9MM in December, which implies an LV SAAR of 13.6MM, slightly ahead of Bloomberg consensus (13.4MM)." JP Morgan maintains its Overweight rating on General Motors, which is currently trading up $0.11 from yesterday's $21.05 closing price.