General Motors up for 4 straight sessions, stretches recent bounce to over 20% |
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Fri, 30 Nov 2007 22:24
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NEW YORK (Thomson Financial) - Shares of General Motors surged to a 2-week high Friday, brining its recent rebound to over 20%.Citigroup Analyst Itay Michaeli reiterated the stock's buy rating, saying a meeting with the carmaker's chief financial officer affirmed the shares' positive reward vs. risk profile. Michaeli's price target for the stock is $41.The stock, a component of the Dow industrials, closed Friday up 3.7% at $29.83, stretching its win streak to 4 sessions, and bringing its weekly gain to 9.8%.Since the stock hit a 1 1/2-year low of $24.50 on Nov. 21, the stock has gained 22%.'Despite a soft market, the company aims to hold the line on incentives to preserve pricing and profitability in order to position for an eventual upturn when sales return to trend levels...in coming years,' Michaeli said in a research note.Michaeli said GM management believes it can offset potential volume losses through attrition savings, general expense-related cuts and selective reduction of manufacturing overtime.Tomi Kilgoretk1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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