GM (GM) Shares Jump as Citi Adds to 'Top Picks Live' List (F) (LEA)

Shares of General Motors (NYSE: GM) are outperforming the broader stock market handily Wednesday as Citigroup's Itay Michaeli added the stock to the firm's "Top Picks Live" list earlier.

GM shares last traded at $22.45, up 4.7 percent from Tuesday's closing price. The S&P 500 is currently up nearly 2.1 percent to around 1,189.

The analyst cites Citi's recent vehicle density survey which suggests auto buyers may be showing a "surprising" level of resiliency despite the deterioration in the market. Michaeli believes accommodation on a macro level may help stocks in the auto sector recover.

Michaeli reiterates Buy ratings on both General Motors and Ford (NYSE: F) shares. The analyst called Lear (NYSE: LEA) his pick for top supplier.

Notably, shares of Ford are up about 2.4 percent Wednesday morning.

Shares of Dollar General (NYSE: DG) were removed from the Top Picks list in order to make room for General Motors.

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