General Motors Stock Falls As Analyst Sees Caution Signs On Road Ahead
General Motors Stock Falls As Analyst Sees Caution Signs On Road Ahead
GM shares are up approximately 33% since the start of the year and have been trending higher since last October. GM refocused on shareholder returns toward the end of last year, announcing an accelerated buyback and then adding an additional $6 billion to its repurchase program in June. Yanoshik believes the buybacks account for the stock's recent outperformance, but he warned that headwinds are coming into play.General Motors Co (NYSE:GM) shares are trading lower Monday after Bernstein downgraded the stock from Outperform to Market Perform.
通用汽車公司（紐交所:GM）股票週一交易下跌，因爲伯恩斯坦將股票評級從表現優異降級爲市場表現。
What Happened: Bernstein analyst Adrian Yanoshik downgraded General Motors on Monday and set a price target of $53, citing valuation concerns heading into the company's October Capital Markets Day.
發生了什麼：伯恩斯坦分析師阿德里安·亞諾希克週一下調了通用汽車的評級，並設定了53美元的目標價格，稱擔憂估值問題可能影響該公司10月資本市場日的表現。
"GM shares have appreciated +85% since last November, but now our data signals rising earnings headwinds, and we think there is a risk the company will announce additional capital requirements during its October CMD. We want to wait and see," the Bernstein analyst said in a new note to clients.
「自去年11月以來通用汽車股價已上漲+85％，但現在我們的數據顯示盈利面臨挑戰，我們擔心公司在10月CMD期間可能宣佈額外的資本需求。我們想等待觀察，」伯恩斯坦分析師在致客戶的新說明中說。
GM shares are up approximately 33% since the start of the year and have been trending higher since last October. GM refocused on shareholder returns toward the end of last year, announcing an accelerated buyback and then adding an additional $6 billion to its repurchase program in June. Yanoshik believes the buybacks account for the stock's recent outperformance, but he warned that headwinds are coming into play.
通用汽車股價自年初以來已上漲約33％，並自去年10月以來一直走高。通用汽車在去年年底重新聚焦於股東回報，宣佈加快回購，然後在6月又額外增加了60億美元用於回購計劃。亞諾希克認爲回購計劃解釋了股票最近的表現優異，但他警告說挑戰即將出現。
The Bernstein analyst expects continued inventory build in the United States to lead to pricing headwinds in 2025. He's also concerned that a delayed push into electric vehicles and Cruise could bring greater losses into play next year. As a result, the analyst lowered the firm's 2025 adjusted earnings forecast by about 8%.
伯恩斯坦分析師預計美國持續庫存建設將導致2025年價格方面面臨挑戰。他還擔心延遲進入新能源車和Cruise領域可能在明年帶來更大虧損。結果，分析師將公司2025年調整後盈利預測約下調了8％。
Yanoshik also noted that GM's upcoming investor day could shed light on more headwinds ahead of the Detroit-based automaker. The analyst believes updates on key strategies could introduce additional capital requirements, which would ultimately weigh on the company's ability to generate strong free cash flow in the near term.
亞諾希克還指出通用汽車即將舉行的投資者日可能揭示底特律總部汽車製造商面臨的更多挑戰。分析師認爲有關關鍵策略的更新可能引入額外的資本需求，這最終將對公司近期產生強勁自由現金流的能力造成負面影響。
"We are cautious about the company's future plans and are eager to hear the updated strategy at the CMD as we don't see GM's approach from last year being extended into its current strategy," Yanoshik said.
「我們對公司未來計劃持謹慎態度，急切希望在CMD上聽到更新的策略，因爲我們認爲通用汽車去年的做法並未延續到當前策略中，」亞諾希克說。
"The company is not likely to meet its BEV sales target, it's announced a collaboration to work on new technology, has been struggling in China, and has not clearly defined its plans for Cruise. Each of these issues present a challenge to FCF generation in the short term."
「該公司不太可能達到其新能源車銷售目標，宣佈與他人合作開發新科技，一直在中國市場上受挫，且未明確定Cruise的計劃。這些問題都對短期內現金流產生挑戰。」
GM Price Action: GM shares were down 2.38% at $47.72 at the time of publication, according to Benzinga Pro.
通用汽車股價走勢：根據Benzinga Pro的數據，在發佈時通用汽車股價下跌了2.38%，報47.72美元。
Photo: Shutterstock.
照片：shutterstock。
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譯文內容由第三人軟體翻譯。
