3 Auto Stocks Going Places: Tesla Sinks on Downgrade, GM Seeks CEO Successor, Mulally Sticking with Ford
Tesla Motors (NASDAQ:TSLA): Shares of Tesla are trading down after R.W. Baird slapped the electric car maker with a downgrade to Neutral from Outperform and a price target of $187 based on a valuation call that alleges that Tesla’s technology leadership is fully priced in. Baird added that it had some concerns over ”execution risk.”
General Motors Co. (NYSE:GM): GM Chief Executive Officer Dan Akerson has reportedly initiated a four-way contest among the top internal candidates to replace him by assigning them some of the carmaker’s most complex problems to solve. Although Akerson hasn’t offered a formal timeframe for his departure, many anticipate that it’ll fall sometime in 2015.
Ford Motor Co. (NYSE:F): Ford Executive Chairman Bill Ford on Wednesday emphasized the abilities of the company’s next generation of executives while reiterating the automaker’s plan for Alan Mulally to remain CEO, which has been recently been called into question after it was noted that he was on the short list for the chief job at Microsoft. ”The plan is he’s going to stick around,” Ford said in an interview with Bloomberg Television. “I’m happy he’s sticking around. But we also feel really good about where we are in terms of succession.”
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