Artwise Trading Limited - Mizuho Securities Upgrades GM Stock Due to Several Catalysts

QUARRY BAY, Hong Kong - Dec. 8, 2023 - PRLog -- After previously rating GM as "neutral," analysts now have it upgraded to "buy" and have increased their price objective from $38 to $42. General Motors stock was up over 2% from Friday's closing and was trading at $33 late Monday.

United Auto Workers (UAW) strike, which lasted six weeks, is "in the rearview mirror," according to the bank, and GM manufacturing has restarted. It said that around $2 billion in savings from fixed expenses would compensate for the anticipated $1.5 billion in expenditures associated with increased UAW salaries next year.

Experts also highlighted the automaker's new, more profit-driven strategies for producing electric cars (EVs). Additionally, they were pleased by last week's announcement of General Motors' $10 billion share repurchase program and the decision to halt the financially disastrous Cruise self-driving car initiative.

In the United States and North America, Mizuho cited GM's "strong, broad portfolio with SUV/pickup focus" as the company's competitive advantage. Gas and diesel-powered SUVs and pickup trucks make up an estimated 85% of the company's vehicle portfolio. General Motors has a "strong" 60% share of the big SUV market in the US and 46% share of the compact SUV market.

General Motors stock has risen from a more than three-year low, but it will still be down for 2023.

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