Barclays: General Motors 'Aint Got No Respect'

Brian Johnson of Barclays on Thursday commented that
General Motors
GM
“ain't got no respect” and that shares of General Motors has been among the most “surprising” reaction among companies present at the Detroit Auto Show. “At first glance, we thought that General Motors provided enough in its guidance to keep investors happy – guidance broadly in-line with expectations, commentary on fourth quarter upside, and perhaps most impressively, evidence of North American margin improvement even in the face of rising content costs,” Johnson wrote. The analyst adds that an argument could be made that General Motors is poised to be a mass-market leader in both semi-autonomous and driving and embedded connectivity over the years. However, Johnson does note that General Motors bears are fixated on a weak free cash flow and capital expenditure guide and no sign of a dividend raise. Bottom line, Johnson concludes that “even though an interesting bull thesis exists for General Motors, it is still cast by many as a value trap.” Shares are Overweight with a price target raised to $43 from a previous $42.

Posted In: Autonomus CarsBarclaysBrian JohnsonDetroit Auto ShowNews

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