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2021-02-16
Larkin
Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利:汽油行业即将变得完全一文不值</blockquote>
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Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格,而风能和太阳能发电继续占据主导地位,燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as <b>Tesla Inc.</b>(NASDAQ:TSLA) and <b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and <b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目,电动汽车巨头如<b>特斯拉公司。</b>(纳斯达克:TSLA)和<b>蔚来有限公司。</b>(纽约证券交易所代码:蔚来)现在的估值远高于其雄伟的ICE兄弟,<b>通用汽车</b>(纽约证券交易所代码:GM)和<b>福特汽车</b>(纽约证券交易所代码:F)。事实上,尽管2020年全球电动汽车行业仅占新车销量的不到3%,但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在,华尔街的一部分人表示,情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为,传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示,市场可能认为通用汽车和福特来自ICE的收入为零甚至负值,并列出了各种因素,这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示,17%的受访者认为ICE技术目前没有零价值或负值,而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of <b>DMC,</b>maker of the once-iconic DeLorean car of the <b>Back to the Future</b> fame.</p><p><blockquote>但不要误会我们的意思:没有人说通用汽车和F股票即将走上<b>DMC,</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上,通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后,可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035 as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上,通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV,作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示,计划到2030年使用100%可再生能源为其美国工厂供电,到2035年为其全球工厂供电,并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外,该汽车制造商表示,将专注于提供各种价位的零排放汽车,并与各利益相关者合作,建设必要的充电基础设施,同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本,你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼,该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而,通用汽车在特朗普11月败诉后发生了转变,并在拜登成为明显赢家后于11月23日退出了诉讼。此后,通用汽车宣布了一系列电气化计划,帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特,维持通用汽车的跑赢大盘评级,同时由于各部分价值总和不太理想,将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上,Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%,而福特的公允价值则低20%:</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎,同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说,负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元,表明上涨空间超过50%。对于福特来说,我们的调整是实质性的抵消。再加上该股最近的上涨(年初至今与通用汽车保持同步),我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此,F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是,这两只ICE股票的表现都轻松优于TSLA,后者年初至今的回报率仅为20%。</blockquote></p><p></p>","source":"lsy1606109400967","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利:汽油行业即将变得完全一文不值</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利:汽油行业即将变得完全一文不值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-02-10 13:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格,而风能和太阳能发电继续占据主导地位,燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as <b>Tesla Inc.</b>(NASDAQ:TSLA) and <b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and <b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目,电动汽车巨头如<b>特斯拉公司。</b>(纳斯达克:TSLA)和<b>蔚来有限公司。</b>(纽约证券交易所代码:蔚来)现在的估值远高于其雄伟的ICE兄弟,<b>通用汽车</b>(纽约证券交易所代码:GM)和<b>福特汽车</b>(纽约证券交易所代码:F)。事实上,尽管2020年全球电动汽车行业仅占新车销量的不到3%,但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在,华尔街的一部分人表示,情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为,传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示,市场可能认为通用汽车和福特来自ICE的收入为零甚至负值,并列出了各种因素,这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示,17%的受访者认为ICE技术目前没有零价值或负值,而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of <b>DMC,</b>maker of the once-iconic DeLorean car of the <b>Back to the Future</b> fame.</p><p><blockquote>但不要误会我们的意思:没有人说通用汽车和F股票即将走上<b>DMC,</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上,通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后,可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035 as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上,通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV,作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示,计划到2030年使用100%可再生能源为其美国工厂供电,到2035年为其全球工厂供电,并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外,该汽车制造商表示,将专注于提供各种价位的零排放汽车,并与各利益相关者合作,建设必要的充电基础设施,同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本,你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼,该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而,通用汽车在特朗普11月败诉后发生了转变,并在拜登成为明显赢家后于11月23日退出了诉讼。此后,通用汽车宣布了一系列电气化计划,帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特,维持通用汽车的跑赢大盘评级,同时由于各部分价值总和不太理想,将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上,Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%,而福特的公允价值则低20%:</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎,同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说,负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元,表明上涨空间超过50%。对于福特来说,我们的调整是实质性的抵消。再加上该股最近的上涨(年初至今与通用汽车保持同步),我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此,F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是,这两只ICE股票的表现都轻松优于TSLA,后者年初至今的回报率仅为20%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html\">Oilprice</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOT":"LionShares U.S. Equity Total Return ETF",".DJI":"道琼斯","CVX":"雪佛龙",".IXIC":"NASDAQ Composite","XOM":"埃克森美孚",".SPX":"S&P 500 Index"},"source_url":"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195110710","content_text":"The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.\nBut nowhere has this change been as dramatic as the transport industry, with EV titans such as Tesla Inc.(NASDAQ:TSLA) and NIO Ltd.(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,General Motors(NYSE:GM) and Ford Motors(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for less than 3% of new vehicle sales in 2020.\nIt's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.\nBut now, a section of Wall Street says the situation is a lot more dire than that.\nMorgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.\nMS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.\nPivoting to EVs\nMorgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.\nA recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.\nBut don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of DMC,maker of the once-iconic DeLorean car of the Back to the Future fame.\nIn fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.\nIndeed, General Motors has vowed to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035 as part of the company's plan to shift its entire new fleet to electric vehicles.\nGM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.\nIf you think that does not sound like the usual GM playbook, you are not imagining things.\nGM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.\nMorgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.\nIn fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:\n\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"\nNevertheless, F shares have similarly climbed 35% YTD.\nNeed we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"CVX":0.9,"XOM":0.9,"TOT":0.9}},"isVote":1,"tweetType":1,"viewCount":1447,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/382606938"}
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