General Motors Analyst Turns Bullish, Expects Production To 'Snap Back' In 2024
Portfolio Pulse from Priya Nigam
General Motors Co (NYSE:GM) shares are up after Mizuho Securities analyst Vijay Rakesh upgraded the company from Neutral to Buy and increased the price target from $38 to $42. The upgrade follows GM's announcement of a $10 billion buyback and the resolution of the UAW strike. Rakesh expects production to rebound in 2024, with a focus on high margin ICE trucks, and notes GM's strategic decisions to offset wage increases, pause Cruise investments, and scale back Brightdrop vans to North America.
December 04, 2023 | 3:55 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
General Motors received an analyst upgrade from Neutral to Buy with a price target increase from $38 to $42 by Mizuho Securities. The company's strategic decisions and expected production rebound in 2024 are seen as positive indicators for future performance.
The upgrade by Mizuho Securities is a strong positive signal for investors, indicating confidence in General Motors' future performance. The resolution of the UAW strike and the company's cost management strategies, along with the $10 billion buyback, are likely to be viewed favorably by the market, potentially leading to a short-term increase in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100