Deutsche Bank Maintains $45 PT, Buy Rating On GM

General Motors Company's (NYSE: GM) 4Q10 EBIT came in at $1,021MM, compared with our $961MM est., Deutsche Bank reports.

“Excluding the GM Financial and Corporate Other segments, Automotive EBIT was $648MM vs our $897MM estimate,” Deutsche Bank writes. “We noted negative variances (vs. our expectations) in NA and International. But overall, we would characterize these variances as relatively minor, as they didn't lead us to change our expectations for 2011 or 2012.

“We maintain our $45 price target based on a DCF-derived target multiple of 4.4x EV/2012 EBITDAP. We maintain our Buy rating based on valuation.”

General Motors Company closed Thursday at $33.02.