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Barclays cuts price targets of U.S. auto companies

Trader Peter Tuchman shares a laugh with a specialist trader from Barclays Capital on the floor of the New York Stock Exchange
Trader Peter Tuchman shares a laugh with a specialist trader from Barclays Capital on the floor of the New York Stock Exchange

(Reuters) - Barclays Capital cut price targets on several U.S. auto companies including Ford Motor and GM after the recent pullback in their shares.

"We outline three global sales scenarios ... continued slow recovery, sales stall and double dip," analysts at Barclays said in a note.

The brokerage said GM, Dana Holding , Lear Corp and Tenneco Inc continued to be its top picks because of their cash balances and exposure to BRIC countries.

With revised price targets, these stocks continue to have some of the largest upside potential within Barclays' coverage in both a slow recovery or stalled sales scenario, the analysts said.

Ford's shares closed at $11.11, while those of GM closed at $24.94 on Wednesday on the New York Stock Exchange.

(Reporting by Divya Sharma in Bangalore; Editing by Don Sebastian)

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