Why General Motors (GM) Stock Is Up 7% This Week
Portfolio Pulse from Henry Khederian
General Motors (GM) shares rose 7% this week following a strong Q3 earnings report, surpassing analyst expectations and raising 2024 guidance. The company reported a 10.5% increase in revenue and improved EBIT, despite a slight dip in net income margin. Analyst John Murphy from BofA Securities reiterated a Buy rating, raising the price target to $85, citing GM's robust liquidity and potential growth in the EV segment.
October 24, 2024 | 2:56 pm
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General Motors reported a strong Q3 earnings beat, with adjusted EPS of $2.96 surpassing the $2.43 estimate. Revenue increased by 10.5%, and the company raised its 2024 EPS guidance. Analyst John Murphy raised the price target to $85, citing strong liquidity and potential EV growth.
GM's strong Q3 performance, with an earnings beat and raised guidance, positively impacts investor sentiment. The raised price target by a reputable analyst further supports a positive short-term outlook. The company's robust liquidity and potential growth in the EV segment are key factors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100