Credit Suisse Reiterates Outperform Rating on General Motors (GM)
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Credit Suisse analyst Dan Levy reiterated an Outperform rating and $68.00 price target on General Motors (NYSE: GM) as the company continues its transition to electric vehicles. GM increasingly shows that it offers one of the most holistic and ambitious EV strategies amongst legacy OEMs, as well as opportunities to expand to Auto 2.0 businesses. Levy expects GM to continue its string of positive announcements on its EV initiatives, keeping interest in the stock elevated as GM’s EV narrative unfolds.
Credit Suisse reduced ’21 EBIT estimate to $11.3bn vs. prior $12.3bn, and ahead of ’21 guidance $10-11bn. The revised guide reflects incremental semiconductor shortage headwinds.
Shares of General Motors closed at $54.43 yesterday.
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