JPMorgan analyst Ryan Brinkman lowered the firm’s price target on General Motors to $57 from $59 and keeps an Overweight rating on the shares. The analyst believes Tesla’s "aggressive" price cuts could help "catalyze and accelerate what may have otherwise been a more modest or protracted pricing normalization process." The price cuts are positive for the consumer, negative for Tesla, negative for other automakers and potentially positive for parts suppliers, the analyst tells investors in a research note. The firm reduced out-year estimates for GM to reflect price and mix headwinds but expects a slight beat in Q4.
Published first on TheFly
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