UPDATE 1-RESEARCH ALERT-Citi downgrades GM, raises American Axle

Newswire

(Adds details) May 27 (Reuters) - Citigroup downgraded General Motors to "hold" from "buy," citing reduced earnings power and cash-burn risks of the stock, while it upgraded American Axle & Manufacturing to "buy" and revised its price targets for many stocks in the sector. The brokerage said auto fundamentals are poised to deteriorate beyond 2008 despite emerging market successes and domestic restructuring, as credit constraints persisted and energy and commodity prices surged ...

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