Deutsche Bank’s New Price Target For GM: $0

November 10, 2008 at 12:30 pm  ·  Category: Market Commentary, Stocks

Deutsche Bank came out this morning with a pretty bold call, that is almost certainly right, slapping a sell rating on General Motors (GM) and a $0 price target.  They forecast that GM might not have enough cash to operate the business into 2009.  GM shares are off about 25% and trading at levels not seen since 1946.

Also getting hammered today is Goldman Sachs (GS).  Barclays Roger Freeman became the latest analyst to project a 4th quarter loss for Goldman forecasting a loss of $2.50 a share from his prior estimate of a $2.71 profit.  Goldman shares have traded below $70 this afternoon for the first time since April 1, 2003.

Disclosure: Top Gun is long shares of Goldman Sachs (GS).

Posted by Greg Feirman  ·  Trackback URL  ·  Link