Analysts at Nomura on Monday upgraded General Motors Co. to buy from neutral, saying the car maker's exit "from long-struggling Europe is a major positive," one that will simplify GM's business structure and improve profitability. GM earlier Monday agreed to sell its European business to Peugeot maker's PSA Group for $2.3 billion. The European sale frees up resources, which GM could redeploy to develop next-generation powertrains and autonomous driving technologies "to maintain its competitive edge in the crucial North American market over the long term," the Nomura analysts said in a note. Shares of GM have gained more than 19% in the past 12 months, compared with gains of more than 18% for the S&P 500 index in the same period.
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