Wells Fargo downgraded its rating of General Motors (NYSE:GM) to Underweight with a price target of $33.00, changing its price target from $74.00 to $33.00.
Shares of General Motors are trading down 3.5% over the last 24 hours, at $35.97 per share.
A move to $33.00 would account for a 8.24% decrease from the current share price.
About General Motors
General Motors Co. emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009. GM has eight brands and operates under four segments: GM North America, GM International, Cruise, and GM Financial. The United States now has four brands instead of eight under old GM. The company lost its U.S. market share leader crown in 2021 with share down 280 basis points to 14.6%, but we expect GM to reclaim the top spot in 2022 due to 2021 suffering from the chip shortage. GM Financial became the company's captive finance arm in October 2010 via the purchase of AmeriCredit.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
