UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT for General Motors

In a report published earlier today, Bank of America Merrill Lynch reiterated its Buy rating for General Motors Company

, but slightly lowered its price target from $35.00 to $34.00. BofA Merrill Lynch went on to say “We are slightly revising our 2013e EPS from $5.45 to $5.35 and 2014e from $6.15 to $6.05 to reflect approximately a $200mm reduction in annual pension income for the proposed transaction. In addition, we are slightly reducing our PO from $35 to $34, based on an EV/EBITDA multiple of ~4X our 2012 estimates, due to the ~$3bn increase in our 2012 EV calculation ($4bn cash pension contribution offset in part by a $1bn reduction in underfunded status), but believe that over time the market may apply a higher multiple due to GM's improved risk profile.” General Motors Company closed on Friday at $22.01.