Goldman Downgrades General Motors to Underperform

Analyst Gary Lapidus thinks the auto maker will miss earnings by a wide margin in either 2004 or 2005, or both

Goldman Sachs downgraded General Motors (GM ) to underperform from in-line.

Analyst Gary Lapidus says he sees GM missing earnings by a wide margin in either 2004 or 2005, possibly both. He cites dangerously high inventory, falling market share, interest rate-driven negative vehicle prices, and unexpected dilution from its contingent-convertibles.

Lapidus downgraded the shares within the context of his cautious coverage view.

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