Piper Sandler Upgrades General Motors (GM) to Overweight

Piper Sandler analyst Alexander Potter upgraded General Motors (NYSE: GM) from Neutral to Overweight with a price target of $98.00.

The analyst comments "It's true: GM is an old-school carmaker that was nationalized during the financial crisis. The company seems like a laggard in the race to develop in-house electrical architectures, and we're iffy on GM's role in autonomous driving. But GM has been among the strongest performers in our coverage over the past year, and it's easy to see why: GM makes a lot of money. With limited risk from Chinese competition, GM seems poised to continue generating cash, defending price, and buying back stock. Admittedly, we're not the first to recognize this, but upward estimate revisions seem likely to continue, and it's no use denying such a positive setup. We're upgrading to Overweight and boosting our price target to $98, up from $66."

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 $81.91 yesterday.

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