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Fri September 28, 2012
GM given a "Hold" rating
DETROIT, MI (AP)-- A Wall Street analyst says he's waiting for more clarity on capacity reductions at General Motors Co.'s factories, and on several other issues, before he recommends buying or selling stock in the automaker.
Stifel Nicolaus analyst James Albertine said Thursday that he began coverage of GM by giving the automaker a "Hold" rating.
Albertine tells investors that GM is a leader in a multi-year auto industry restructuring and turnaround. But he gives the company's stock the "Hold" rating as he waits for further clarity on factory capacity reduction, mainly in Europe.
He says he also awaits news on whether GM's sales growth can keep up with the market in the U.S. and whether consumers will accept GM's small and midsize cars and crossover sport utility vehicles.