UPDATE: Morgan Stanley Reiterates On General Motors On Silent US Price War

In a report published Friday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating on General Motors GM, but removed the $33.00 price target. In the report, Morgan Stanley noted, “We see a widening gap between the monthly data on US industry pricing (which is strong) and the impression from dealers and OEMs (which is much more mixed). We see growing signs of a compromised quality of US SAAR. Extended auto loan terms (pushing 70mths) are the most disturbing trend for us. A dealer recently illustrated an example for how extended terms can pull forward both sales and volume from future periods.” General Motors closed on Thursday at $36.90.