UPDATE: Argus Upgrades General Motors (GM) to Buy
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Argus analyst William Selesky upgraded General Motors (NYSE: GM) from Hold to Buy with a price target of $56.00.
The analyst comments "The company continues to diversify its business as it expands into electric and autonomous vehicles. It also benefits from high margins in North America, solid cash flow, and a strong balance sheet. In addition, we believe that investors have undervalued the company's strength in traditional internal combustion vehicles, as well as its Chinese JV, Ultium battery, and financial services businesses. On valuation, GM shares appear favorably valued based on most standard valuation metrics. We also expect the company to soon reinstate its dividend. We are setting a target price of $56, implying a potential return of 15% from current levels."
Shares of General Motors closed at $48.80 yesterday.
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