NEW YORK (TheStreet) -- Shares of General Motors
(GM - Get Report) are down -1.37% to $35.25 in pre-market trading after the auto company was downgraded to "hold" from "buy" at Deutsche Bank
(DB) citing its deceleration in contribution margins for the change in rating.
The firm kept its price target of $41.
General Motors reported an 80% drop in second quarter profit due to recalls yesterday, and said it expects to spend an additional $400 million to compensate those killed or injured by defective ignition switches.
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