General Motors price target raised to $46 from $43 at Morgan Stanley

Morgan Stanley raised the firm’s price target on General Motors (GM) to $46 from $43 and keeps an Overweight rating on the shares. Ahead of Q1, the firm said it wanted to “mark to market” its GM model, noting that it doubled anticipated fiscal year impairment charges to $3B from $1.5B previously, trimmed capex expectations to the low-end of guidance and raised its EPS forecast by 9% to $9.04 from $8.30 previously. While the firm reiterates an Overweight rating on GM, and calls the EV slowdown “positive for GM,” it highlights “Top Pick” Ford (F) as its preferred U.S. automaker.