May 29, 2008 / 1:50 PM / 10 years ago

UPDATE 1-RESEARCH ALERT-Lehman cuts target on General Motors

(Recasts; adds details)

May 29 (Reuters) - Lehman Brothers widened its second-quarter loss estimate for General Motors Corp (GM.N), and said profit pressures were rising above those of a typical recession due to a drop in pickup and large SUV sales and a jump in steel costs.

    The brokerage cut its price target to $19.50 from $24.00 on the stock, but maintained its “equal weight” rating.

    Lehman said it expects the automaker to post a second-quarter loss of $3.37 a share, compared with its previous view of a loss of 93 cents.

    The brokerage also widened its loss estimate for fiscal 2008 to $8.81 a share from its prior view of $5.20 a share. Shares of the company were little changed at $17.14 in morning trade on the New York Stock Exchange. (Reporting by Esha Dey in Bangalore; Editing by Deepak Kannan)

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