GM's Symbol of Hope in Europe: The Opel Mokka SUV
Following the Oct. 31 earnings call, several analysts said they can see daylight for GM in Europe. Some reiterated buys on GM which was trading at $25.16, down $1.03, in mid-morning trading on Wednesday. UBS analyst Colin Langan raised his price target to $33 from $29 and said he believes the company's planned "inventory destocking" of 100,000 units would offset an estimated 2013 sales decline of 60,000 units and add $200 million to profits. S&P Capital IQ analyst Efraim Levy reiterated a buy, saying that "we believe GM now has a more realistic approach to its European restructuring."
Jefferies analyst Peter Nesvold has a hold and a $29 price target. He wrote, "Europe has been a nagging overhang; our sense has been that investors have been looking to at least put a box around the size of the operating losses in Europe," which is what GM has done.
-- Written by Ted Reed in Charlotte, N.C.
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