An analyst from Merrill Lynch had good things to say about General Motors' future prospects, and the automaker's stock leaped nearly 10 percent on the news, closing at $26.51-- a substantial increase over its recent low of $18.33, but still a long ways away from the Kerkorian-fueled high of $37.70.
GM's stock was upgraded to a "Buy" from "Neutral," and its target price got a bump to $37/share based on perceived progress in slashing headcount by 30,000 blue-collar workers. The capacity reductions are projected to result in a savings of approximately $4/share, which would bump yearly profits to $5.25/share (or just shy of $3B total) by 2008, according to the crystal ball in question.
[Source: AP via Yahoo!]
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