One auto stock is quietly breaking out as Tesla struggles. Citi sees a double from here

[Pelican Press 0]

One auto stock is quietly breaking out as Tesla struggles. Citi sees a double from here

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. “The next few quarters are key for EV **********, but we still like the risk/reward setup since a successful outcome (even at an exit rate) would further strengthen the case that GM is meaningfully under-earning (at a ~5x P/E) while likely allowing GM to capture a double-digit U.S. EV [market] share,” Citi analyst Itay Michaeli wrote in a late April report. The bank has a buy rating on General Motors with a $96 per share price target, implying 113% upside from Monday’s $45.17 close. Nor is Citi alone in its bullish assessment of GM. Bank of America analyst John Murphy thinks GM’s increased forward guidance after its first-quarter results will prove too *************. Murphy also reiterated a buy rating on GM largely due to BofA’s “view that the company ******** a leader among the industry in its Core to Future transition.” “More specifically, GM’s ongoing ********** and strength in its Core business continues to enable the company to make investments in EVs, [autonomous vehicles] and other areas to future-proof the business, while continuing to return value to shareholders,” he added. Murphy’s $75 per share price target implies 66% upside over the next 12 months. JPMorgan analyst Ryan Brinkman reiterated an overweight rating on GM last month, alongside a $58 per share price target, suggesting 28% upside in the next year.

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Investment strategy,Stock markets,General Motors Co,Earnings,Tesla Inc,business news
#auto #stock #quietly #breaking #Tesla #struggles #Citi #sees #double

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