General Motors (GM) Results Fall Shy of Expectations but Still Has the Opportunity for Multiple Expansion - Credit Suisse

Credit Suisse analyst Dan Levy reiterated an Outperform rating and $75.00 price target on General Motors (NYSE: GM) after 3Q results were disappointing, results beat, but not as large as anticipated while 4Q guidance was below consensus.

The analyst stated "While it wasn’t the beat and raise we hoped for, and while we appreciate some concerns by investors on the question of peak earnings, we nevertheless believe the bull investment thesis is very much intact. Not only does GM benefit from a favorable cycle environment (likely to last well into 2023), but perhaps more importantly, as we noted post GM’s recent investor day, we see a significant opportunity for multiple expansion as GM demonstrates its ability to transition to an EV world and as Cruise (GM’s AV arm) gains further traction."

For an analyst ratings summary and ratings history on General Motors click here. For more ratings news on General Motors click here.

Shares of General Motors closed at $54.26 yesterday.

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