Analysts at Morgan Stanley cut the U.S automobile industry view to cautions from in-line.
Analysts stated, ”We think now is a great time to reduce exposure to US auto names as the value of US SAAR (volume x price) is setting new records. Easy credit and leasing will no doubt push volume and mix to even higher highs. Multiples should be lower, in our view.”
Following the industry downgrade, analysts at Morgan Stanley downgraded shares of Ford Motor Company F to Underweight with a $16 price target.
Adam Jones cited Ford’s U.S. exposure being too high and potential risk from the new F-150 design as drivers behind the downgrade.
Analysts at Morgan Stanley reiterated the Underweight rating on General Motors Company GM and cut the price target to $29 from $33.
Analysts feel General Motors' market share is not improving enough, and the company’s European business is structurally challenged.
Shares of Ford recently traded at $16.72, down 2.4 percent.
Shares of GM recently traded at $34.08, down 1.4 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.