UPDATE: Wells Fargo Starts General Motors (GM) at Overweight
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Wells Fargo initiates coverage on General Motors (NYSE: GM) with a Overweight rating and a price target of $67.00.
The analyst comments "GM is leading the way in the autonomous, electric, and connected future of mobility. GM's autonomous unit Cruise was recently valued at $30bn, in line with perceived leader Waymo. GM plans to roll out the 3rd generation of EV vehicles using its Ultium EV battery technology on exciting products like the new Hummer and Cadillac Lyric. And Super Cruise, GM's L2 automated driving technology, recently bested Tesla's AutoPilot in Consumer Reports. While restructuring work still needs to be done internationally, GM's N American operations are strong, reporting a 9.4% adj EBIT margin in 2020, an incredible performance in a market down 20%. This has enabled GM to explore new market opportunities like delivery (Brightdrop) and fuel cell (Navistar partnership). As such, we initiate with an Overweight rating and a $67 price target, based on 4.0x 2022E core EBITDA of $13.7bn and $30bn for Cruise."
Shares of General Motors closed at $58.40 yesterday.
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