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Jefferies cuts its target price $1 to $29 on Hold-rated General Motors
GM as the progress being made is incremental.
Jefferies says, "GM hosted a dinner on Thursday night for sell-side analysts. As expected, Europe plus cash strategy dominated the discussion. GM is clearly taking actions to address both the threats and opportunities before the business. However, we got the sense that progress in the near term is likely to remain incremental. We reiterate our Hold rating, as the stock seems to lack a near term catalyst."
GM closed at $26.05 a share on Thursday.
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