NEW YORK, Feb 28 (Reuters) - JP Morgan Securities Inc. cut its full-year earnings forecasts for General Motors Corp. , Ford Motor Co. and leading automotive parts suppliers on Friday, citing sluggish February U.S. auto sales and expected production cuts in the second quarter.
In a research note, JP Morgan said it was lowering its full-year earnings target for GM, the world's largest automaker, by 6.7 percent, to $4.90 per share.
It slashed its full-year EPS target for Ford, the No. 2 automaker, by 18.2 percent, meanwhile, to 45 cents per share.
JP Morgan singled out Collins & Aikman Corp. for its biggest cut in full-year earnings forecasts among the automotive parts suppliers. It said it was setting its new 2003 EPS estimate for the company at 30 cents per share, down 14.3 percent from its previous target.
For Delphi Corp. , the world's largest auto parts supplier, JP Morgan trimmed 9.1 percent off its 2003 earnings estimate, lowering it to 90 cents per share.