Analysts at Deutsche Bank and RBC Capital on Thursday raised their price targets on General Motors Co.
stock after the auto maker reported fourth-quarter earnings well above Wall Street expectations and reiterated its goals toward electric vehicles and self-driving cars. At RBC, Joseph Spak raised his price target by 22% to $67, and reiterated the equivalent of a buy rating on the stock. Continued “strong execution through challenging times” allows GM to accelerate investment towards EVs and AVs, and allows investors “to worry less about some near-term challenges like the chip shortage,” he said. At Deutsche Bank, analyst Emmanuel Rosner tweaked his price target on GM by $1 to $65, saying that despite GM’s “somewhat lackluster” guidance, “underlying execution remains very strong, leaving it well on track for high profitability when industry conditions normalize,” he said. “Most importantly, we continue to be very encouraged with GM’s aggressive electrification and autonomous driving strategy.” Shares of GM have gained 52% in the past 12 months, compared with gains around 17% for the S&P 500 index.
This article is auto-generated by Algorithm Source: www.marketwatch.com