UPDATE: Morgan Stanley Reiterates On General Motors Company On Further Weakness

In a report published Monday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating on

, but lowered the price target from $33.00 to $29.00. In the report, Morgan Stanley noted, “Despite the expectation of material improvement in European profitability, we see further weakness in shares of GM as it appears overly dependent on a peaking US auto cycle. We are reiterating our UW rating while cutting our price target to $29 from $33.” General Motors Company closed on Friday at $34.58.