Why General Motors Stock Is Down Today
An influential Wall Street analyst is out with a note saying he prefers Ford (NYSE: F) to General Motors (NYSE: GM), and investors appear to be heeding his advice. Shares of GM were down more than 5% on Wednesday morning as investors rethink their exposure to the auto titans.
Morgan Stanley's Adam Jonas lowered his price target on GM to $30 from $42 on Wednesday, keeping an equal-weight rating on its shares.
Jonas cited last month's profit warning from Ford, saying it was "likely to be a bellwether event for the industry." Though General Motors did not follow with any guidance of its own on how supply chain constraints might have affected the quarter, Jonas said he is baking a reduction into his calculations.
Source Fool.com
