Morgan Stanley Ponders How GM Announcement will Affect Harman International Industries

In a report published Wednesday, Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating on

, but removed the $47.00 price target. In the report, Morgan Stanley noted, “GM recently significantly scaled down its efforts to build its own infotainment app store in favor of leveraging Apple/Google's existing platforms. Moving to BYOD for all but the most critical functions (which remains in-house at the OEM) leaves little room for traditional infotainment suppliers.” Harman International Industries closed on Tuesday at $94.65.