Citigroup downgrades GM, Ford to sell

« Previous: Tough road: Retooling with sales at historic low Next:Report: Toyota profit to fall 40%, will miss estimates » Citigroup downgrades GM, Ford to sell Automotive News | October 8, 2008 - 9:30 am EST NEW YORK (Reuters) — Citigroup downgraded Ford Motor Co. and General Motors to "sell" from "hold" citing deteriorating global credit conditions and "unappealing" valuations. The credit crunch is likely to further stress original equipment manufacturers balance sheets and 2010 recovery expectations, analyst Itay Michaeli wrote in a note to clients. Michaeli noted that better relative value existed in auto supplier stocks that have underperformed OEMs and carry less liquidity and/or dilution risk. The analyst... [read full story]