GM Raised to `Buy' by Goldman on Possible UAW Deal |
| Bloomberg - Jun 25, 2007 |
General Motors Corp.'s share recommendation was lifted to ``buy'' from ``neutral'' by Goldman Sachs because the United Auto Workers union may offer larger concessions than expected to the biggest U.S. automaker.
Goldman raised its share-price target for Detroit-based GM to $42 from $29, the bank said today in an e-mailed note. GM's shares rose $1.14, or 3.2 percent, to $36.60 at 9:39 a.m. in New York Stock Exchange composite trading.
``The stock is pricing in a level of concessions we think is highly probable,'' Goldman analyst Robert D. Barry said in the note. ``That implies little to no downside and potentially large upside from the real possibility concessions end up even larger than what is priced in.''
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- Posted: 2007-06-25 09:59:09
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