Ford, GM, Rivian Shares Plummet After Morgan Stanley Downgrade
Morgan Stanley analyst Adam Jonas cites competitive pressures and market challenges in downgrading major U.S. automakers and cutting their price targets.
- Morgan Stanley downgraded Ford, GM, and Rivian, leading to significant drops in their stock prices.
- Ford's rating was reduced from 'overweight' to 'equal weight,' with its price target cut from $16 to $12.
- General Motors was downgraded to 'underweight' from 'equal weight,' with a price target lowered from $47 to $42.
- Competitive threats from Chinese automakers and rising inventories are key factors in the downgrades.
- Rivian's downgrade reflects increased capital requirements for autonomous and advanced driver-assistance systems.
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