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This is one of the more memorable research notes we’ve read in a while.Adam Jonas, Morgan Stanley’s auto analyst is out with a new note titled “The Sound of Silence.”
“In my 15 years covering the auto sector at Morgan Stanley I’ve seen both good times and bad, but we’ve never seen the phones go this quiet,” he wrote.
Apparently, clients have completely lost interest in the sector.
Here’s more from Jonas’ very brief note:
On those rare occasions when we can get through a client’s sophisticated call screening system or when someone dials a wrong number, here are some snippets from our dialogue with investors (Jonas in bold):
- Want to grab lunch to discuss the autos? “We currently can’t own or buy any of these names, so I’m going to pass this time around.”
- I got 3 C-level meetings with GM in Detroit next week, care to come along? “No thanks. Besides, I can’t really get serious on the name until the government sells.”
- GM is our top OEM buy idea. “Could it trade below $20 in the next 3 months?” Sure it could. “Hmm… can’t really touch it then.”
- Ford looks pretty attractive at $10. “Agreed. I think the sell-off is overdone.” So would you be buying more here? “Negative.”
- We just upgraded Lear to OW… “Hey – can I call you back?” (click – still waiting for call back)
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