Analysts upgraded Ford to buy from hold, while simultaneously downgrading GM to hold from buy, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, on CNBC's "Mad Dash" segment.
"These have both been terrible stocks," Cramer said, as both companies' share prices are lower over the past 12 months.
"Latin America is a disaster," Cramer said. Until the region improves -- along with China and Europe -- Ford and GM will continue to struggle, he said. For that reason, Cramer didn't agree with the upgrade of Ford.
Other carmakers in Europe, like Mercedes-Benz and BMW (BAMXY), have been improving, but GM's Opel brand has not been doing very well. This is one of the reasons why Cramer thinks it makes sense for General Motors to at least discuss a merger with Fiat Chrysler (FCAU).
Fiat wants a merger with GM, which has wanted nothing to do with it.
As for Goldman Sachs (GS), the company faced its own downgrade from Deutsche Bank, to hold from buy. Citigroup (C) was also downgraded by Deutsche Bank to hold from buy. Cramer disagreed with the calls, since both stocks have been "magnificent" performers.