Wells Fargo lowered GM’s rating after market close Wednesday to “underweight” and cut the company’s price target from $74 a share to $33 a share.
Shares of General Motors on Thursday hit a new 52-week low and opened at their lowest price since November 2020.
Wells Fargo lowered GM's rating after market close Wednesday to"underweight" and cut the company's price target from $74 a share to $33 a share. It also downgraded Ford to"underweight" and cut its price target in half from $24 a share to $12 a share.on Thursday hit a new 52-week low and opened at their lowest price since November 2020, after Wells Fargo downgraded the stock and significantly slashed its target price for the company.to"underweight" from"overweight" and cut the company's price target from $74 a share to $33 a share.
This year could represent a profit peak for legacy automakers, with the shift toward electric vehicles eroding profits in the years ahead, he said in a note to investors.Download NBC 5 Dallas-Fort Worth
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