The shares of General Motors Co. dropped by more than 8% on Thursday after JPMorgan Chase & Co. changed its financial outlook and lowered the carmaker's stock price target from $64 to $53 while keeping its Overweight rating. JPMorgan's analysts made the adjustment as they anticipated that the incoming auto tariff, imposed by United States President Donald Trump and expected to take effect on April 2, will have a significant impact on GM's profits. The financial service firm projected that GM may experience up to $14 billion in tariffs, which the firm saw as possibly absorbing the entirety of GM's global profits.
GM's shares fell by 8.68% at 10:28 am ET and sold for $46.535 apiece.
