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.>To contact the writer of this article, click here: Ted Reed .
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV