It’s been a tough year for car stocks. Even Toyota Motor Corp. (NYSE: TM), often viewed as the best-run car company in the world, saw its shares dip recently. However, its stock is up 19% year to date. That is well below the stock of America’s top manufacturer. General Motors Co. (NYSE: GM) shares have surged 26%. The S&P 500 is higher by 9%.
According to Yahoo! Finance, the recent analyst calls are positive. Barclay held its rating of Overweight. Bernstein initiated it as Outperform. The average price target among the analysts Yahoo! Finance covers is $53.44. The shares currently trade at $47.21.
Among the primary reasons GM’s shares have risen is its earnings report. The numbers topped analyst expectations. According to Reuters, “Michigan-based GM boosted its adjusted pre-tax profit projection for the year to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14 billion.”
In the first quarter, unit sales of its primary brands (Chevy, Cadillac, GMC, and Buick) rose. (See seven reasons GM’s EVs could flop.)
Finally, Morningstar pointed out a key advantage: “GM now operates in a demand-pull model where it can produce only to meet demand and is structured to do no worse than break even at the bottom of an economic cycle when plants can be open.”
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