Morgan Stanley analyst Adam Jonas upgraded General Motors (NYSE: GM) from Underweight to Equalweight with a price target of $54.00 (from $46.00).

The analyst comments "Stay nimble during a noisy 2025 'ICE Honeymoon.' 2025 is shaping up to be a volatile year, dominated by expected US relaxation of emission standards and the potential for sharply increased tariffs. Since the US Presidential election, investors have been bidding up ICE-exposed names (GM, PHIN) relative to EV-oriented names (RIVN, APTV). We prefer dealers to (most) suppliers, are cautious rentals, and reiterate TSLA as our Top Pick, increasing our PT to $400. We also upgrade GM to Equal-weight with a $54 PT."

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Shares of General Motors closed at $52.71 yesterday.