General Motors (GM) was downgraded to equal weight from overweight by Barclays as the Trump administration's tariffs weighed on the industry's outlook, while Ford Motor (F) was seen by as "modestly" preferable because a greater proportion of its vehicles are assembled in the US, Reuters reported Tuesday, citing the brokerage.
Barclays lowered its price target on GM stock to $40 from $70 and cut the price target on Ford to $8 from $10 while maintaining its equal weight rating.
Almost half of GM's vehicles sold in the US aren't assembled domestically with its electric vehicles manufactured in Mexico, Barclays said, according to Reuters.
Barclays downgraded the US auto and mobility sector to negative from neutral amid earnings concerns, Reuters reported.
GM shares fell 1.7% in recent Tuesday trading, and Ford dropped 2.2%.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 44.36, Change: -0.78, Percent Change: -1.73
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