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Large bank rating | Goldman Sachs: America's car-mart industry will face a more severe situation. Downgrade general motors, Ford, and Rivian's target price and rating.
Gelonghui on September 25th | Morgan Stanley believes that the USA's car-mart industry will face a more challenging situation, adjusting their view on the industry from "attractive" to "in line with expectations". Morgan Stanley lowered the target price of General Motors from $47 to $42 and downgraded the rating from "hold" to "sell"; for Ford, the target price was reduced from $16 to $12, and for Rivian, the target price was reduced from $16 to $13, with both ratings downgraded from "buy" to "hold". Morgan Stanley pointed out that inventories at American dealers are rising, which often leads to continued pressure on new car prices. In addition, vehicle affordability remains very poor.
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U.S. stock market changes: General Motors fell more than 5%, Ford and Rivian both fell more than 4%, downgraded by Morgan Stanley on target price and rating.
9/25格隆汇｜Auto stocks opened lower, General Motors fell over 5%, Ford and Rivian both dropped over 4%. On the news front, Morgan Stanley released research reports indicating that America's Car-Mart industry will face a more challenging situation, dealers' inventories are rising, and vehicle affordability remains poor, changing their view of the industry from "attractive" to "as expected." Morgan Stanley lowered General Motors' target price from $47 to $42, downgraded the rating from "hold" to "sell"; Ford's target price was reduced from $16 to $12, and Rivian's target price was decreased from $16 to $13.
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