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Despite Merrill giving some love to the General last week, it doesn't looks like the analysts over at Deutsche Bank are ready to believe the "turnaround narrative" yet — they're betting the sorta-profitable automaker is worth more as cash than stock. They've gone and downgraded GM's stock from 'neutral' to 'sell' — 'cause that anemic stock price is apparently not as low as it's gonna go.

General Motors, Wal-Mart, Sun Microsystems in focus [Marketwatch]

Related:
Breaking! Merrill's Bullish On GM! [internal]