The Ratings Game: GM shares won’t lag for long, Morgan Stanley says

General Motors Co. is only “halfway done” making moves, and could surprise investors by taking more action to lift its lagging shares, analysts at Morgan Stanley said.

GM “has a proven track record of acting urgently and strategically when share price has been depressed,” the analysts, led by Adam Jonas, said in a note Friday. “We see no reason to expect otherwise today, particularly given what GM endured to survive the last financial crisis, combined with a legacy as the only major global auto company without a founding family or government stakeholder that can buffer shareholder activism.”

GM GM, -0.42% has already shaken up things quite a bit in the last few months, focusing on trucks, selling its Europe business, and developing more expertise around electric and self-driving vehicles, they said.

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