GM shares are rising this morning, boosted by a glut of analysts jumping in to support the recently IPO’d company. JPMorgan, Credit Suisse, Barclays Capital and Morgan Stanley all initiated coverage today and gave GM an overweight rating.
- Barclays set a price target of $42 for GM
- Credit Suisse has a price target of $43 for GM
- Citigroup has a price target of $45 for GM
- JPMorgan has a price target of $44 for GM
- Morgan Stanley has a price target of $50 for GM
“Combined with favourable industry dynamics (SAAR recovery, renewed price discipline, global platforms), GM’s number one presence in emerging markets and the stock’s discounted valuation, GM may be the most compelling one-three year auto turnaround story in our universe,” wrote an analyst in a new report from Citigroup on GM.
Right now, GM is priced at $35.40, so it has someway to go before it hits today’s announced price targets.
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