General Motors Stock Forms Golden Cross With Q4 Earnings Beat; Driven By Profits, Cost Efficiency, 6 EV Debuts
Portfolio Pulse from Surbhi Jain
General Motors Co (NYSE:GM) reported Q4 earnings that surpassed expectations, with an EPS beat of 6.90% and revenue beat of 10.92%. The stock experienced a Golden Cross, a bullish technical indicator. Despite a slight decline in Q4 EV sales, GM expects a positive turn in EV profitability in H2 2024 and plans to launch six new EV models. Analysts have set a price target of $40-$44, with Wedbush analyst Daniel Ives giving an Outperform rating and a $40 price target.
January 31, 2024 | 3:57 pm
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General Motors surpassed Q4 EPS and revenue expectations, experienced a Golden Cross, and is optimistic about EV profitability in H2 2024 with six new models launching.
The positive earnings report and the technical Golden Cross signal strong investor confidence, which is likely to have a positive short-term impact on GM's stock price. The anticipation of new EV models and a positive outlook for the second half of 2024 further bolster the stock's prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100