NEW YORK, Aug 29 (Reuters) - J.P. Morgan Chase said on Thursday it raised its full-year 2002 earnings estimate for General Motors Corp. , saying it expected the automaker to raise its North American production levels due to strong sales.
J.P. Morgan raised its 2002 earnings estimate to $6.32 from $6.12 and reiterated its "buy" rating on the stock.
"With GM's sales running ahead of a strong industry, and its dealer inventories now well below normal, we expect the company to raise its North American production on Sept. 4," J.P. Morgan said in a research note to clients.
J.P. Morgan also said General Motors' production increase would have positive implications for the company's auto parts suppliers, including American Axle & Manufacturing Holdings Inc. , Delphi Corp. and Gentex Corp. . As a result, J.P. Morgan said it also raised its earnings estimates for both Gentex and Delphi.
Shares of General Motors were off 34 cents, at $47.14, in early trading on the New York Stock Exchange. Delphi was up 8 cents, at $9.82, and Gentex was off 52 cents, at $29.15.