Analysts Reverse Ford’s Price Target, GM Europe and 3 Top Auto Stocks in Play
Ford Motor Co. (NYSE:F): Analysts at Sterne Agee chopped their price target on Buy-rated Ford (NYSE:F). Prices are down from $3 to $15. This is due to the automaker’s admitted struggles with its global business. At its crux, the company can’t lower its European costs quickly enough to account for slumping sales that are due the slow pace of negotiating with unions and European governments. The shares traded down $0.20 (2.09%) recently at $9.39.
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General Motors Company (NYSE:GM): As a first result of its global Alliance, GM (NYSE:GM) and PSA Peugeot Citron (PEUGY) have reached a long-term, exclusive agreement to transfer the majority of GM’s logistics business in Europe, to Gefco, a wholly-owned subsidiary of PSA Peugeot Citroen, this will take effect in 2013. The agreement impacts the majority of the Opel/Vauxhall, Chevrolet and Cadillac logistics activities in Europe (as well as Russia). It will include services such as material and component deliveries to manufacturing plants, delivery of finished vehicles to dealerships and the transport of aftersales spare parts to our distribution centers. The shares traded down $0.15 (0.76%) recently at $19.57.
Toyota Motor Corporation (NYSE:TM) CEO Akido Toyoda said, “Last December, BMW and Toyota announced a mid-to-long-term partnership on next-generation environmental technologies. Today we are announcing a new step in our partnership. BMW has its own culture and history from many years of car manufacturing. It is a world leader in making cars of emotional appeal. I believe cars have to be fun and have to be able to stir the emotions. Thus, I have been so excited since the end of last year about our partnership with BMW. Our two companies share a common principle. We both believe it is our mission to make ever-better cars. This principle is the basis of our corporate management. We are not coming together to become bigger. We are not coming together to form capital ties. We are joining hands because we want to make ever-better cars.” The shares traded down $0.30 (0.37%) recently at $80.18.
Honda Motor Co., Ltd. (NYSE:HMC): The Nikkei reports that Honda (NYSE:HMC) is planning to sell their compact business jet in China and Brazil after their 2013 debut in the U.S. and Europe.. The company has already received orders for over 100 of the U.S and European jets to be delivered in 2013. The shares traded down $0.39 (1.13%) recently at $34.27.
Tesla Motors, Inc. (NASDAQ:TSLA): Last Friday, Tesla Motors opened its second store on the Third Street Promenade in Santa Monica, Southern California. It is flanked by an Adidas shop on one side and Club Monaco, a trendy apparel seller, on the other. Public parking garage is a block away. This will be the Palo Alto automaker’s 12th North American store. The shares recently traded down $0.89 (2.84%) at $30.40.
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