Analyst Adam Jonas lowered his earnings estimates to well-below market consensus and dropped his price target on GM's stock to USD 33 from USD 49. He gave the US automaker's stock an "Underweight" rating.
The analyst says GM stock is cheap for a reason and the auto industry is entering a period of significant technology disruption caused by electric and self-driving vehicles, and that will hurt a number of players.
Shares of General Motors fell 2 per cent to USD 33.82 by midday.
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