Artwise Trading Limited - Mizuho Securities Upgrades GM Stock Due to Several Catalysts

Mizuho Securities boosted its price target and upgraded General Motors Co. (GM) stock on Monday, citing several catalysts that the company believes would increase GM's value. GM stock gained ground as a result.
QUARRY BAY, Hong Kong - Dec. 8, 2023 - PRLog -- After previously rating GM as "neutral," analysts now have it upgraded to "buy" and have increased their price objective from $38 to $42. General Motors stock was up over 2% from Friday's closing and was trading at $33 late Monday.

United Auto Workers (UAW) strike, which lasted six weeks, is "in the rearview mirror," according to the bank, and GM manufacturing has restarted. It said that around $2 billion in savings from fixed expenses would compensate for the anticipated $1.5 billion in expenditures associated with increased UAW salaries next year.

Experts also highlighted the automaker's new, more profit-driven strategies for producing electric cars (EVs). Additionally, they were pleased by last week's announcement of General Motors' $10 billion share repurchase program and the decision to halt the financially disastrous Cruise self-driving car initiative.

In the United States and North America, Mizuho cited GM's "strong, broad portfolio with SUV/pickup focus" as the company's competitive advantage. Gas and diesel-powered SUVs and pickup trucks make up an estimated 85% of the company's vehicle portfolio. General Motors has a "strong" 60% share of the big SUV market in the US and 46% share of the compact SUV market.

General Motors stock has risen from a more than three-year low, but it will still be down for 2023.

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