NEW YORK (TheStreet) -- Sterne Agee has reiterated its Buy rating for GM (GM) despite the car maker's legal trouble surrounding last month's recall of 718,000 vehicles due to an ignition problem. The analyst firm, however, has lowered its GM target price to $35.18, down from the previous mark of $50.00. GM opened at the $35.18 mark this morning and is down 0.6% to $34.97 at 12:49 p.m. EST.
GM stock has a 1-year low of $27.11 and a 1-year high of $41.85.
News broke yesterday that a Congressional subcommittee would be joining an investigation into GM's handling of February's recall to determine when the car company knew of the design flaw that has claimed 13 lives since 2000. Sterne has determined that GM has limited liability in the recall and doesn't expect congressional oversight to hurt the company.
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Separately, TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."