Bernstein downgraded General Motors to Market Perform from Outperform with a $53 price target. The shares have appreciated 85% since last November, but Bernstein’s data now signals rising earnings headwinds, the analyst tells investors in a research note. The firm thinks there is a risk GM will announce additional capital requirements during its October capital markets day. As such, Bernstein wants to “wait and see” which updates GM shares with the market. Continued inventory build in the U.S. will lead to pricing headwinds next year, a delayed ramp on electric vehicles and Cruise pushes losses into next year, and headwinds in GM’s international businesses are increasing, contends Bernstein.