Goldman Raises Earnings Estimates For Ford, GM, Suppliers
Goldman Sachs
analyst Gary Lapidus gunned his engines and raised his earnings-per-share estimates for some automakers and their suppliers Friday, despite Thursday's
less-than-glowing sales report by the Big Three carmakers.
Lapidus raised his 2001 earnings-per-share estimate for
Ford
(F) - Get Ford Motor Company Report
to $2.65 from $2.40, maintaining his rating on the stock as a market outperformer. He also upped his 2001 estimate for rival
General Motors
(GM) - Get General Motors Company Report
to $3.75 from $2.50, and his 2002 estimate to $5.30 from $4.75. Both GM and Ford said Thursday they expect industry sales to pick up later in the year.
Shares of Ford recently fell 85 cents, or 1.23%, to $28.02, while GM gained 80 cents, or 1.47%, to $55.15, in afternoon trading on the
New York Stock Exchange
. Rival
DaimlerChrysler
(DCX)
, which Lapidus did not mention, was lately trading down $1.39, or 2.93%, to $46.06.
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Lapidus also projected higher 2001 earnings for auto parts companies
Delphi Automotive Systems
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,
Johnson Controls
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,
Lear
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,
Magna International
(MGA) - Get Magna International Inc. Report
and
Visteon
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.
