Tuesday, December 28, 2010

Bank of America (NYSE:BAC), Citigroup (NYSE:C) Start GM (NYSE:GM) Off with "Buy" Rating

GM (NYSE:GM) received a ton of coverage today, as Bank of America (NYSE:BAC) and Citigroup (NYSE:C) led the way, starting the automaker off with a "Buy" rating.

All of the attention came on the same day because it was the first day banks involved with the IPO were allowed to give reports on the company.

RBC Capital and Credit Suisse (NYSE:CS) started GM off with an "Outperform," and JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS), and Barclays Capital launched coverage with an "Overweight" on them.

As far as price targets went, there was a range of $42 to $50, including all those initiating coverage, although Soleil Securities wasn't as optimistic as the others, having a price target of $38 on GM, as well as starting them off with a "Hold" rating.

GM was trading at $35.49, gaining $0.89, or 2.57 percent, as of 12:41 PM EST.

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