Goldman Downgrades General Motors to Underperform
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.