General Motors initiated with a Neutral at Mizuho

Mizuho initiated coverage of General Motors with a Neutral rating and $39 price target. While noting that GM has a broad consumer-commercial EV portfolio, the firm notes this is currently only about 2% of the mix and while it sees GM being positioned "well for the next decade of EVs," a transition from a profitable, roughly 98% ICE portfolio to an EV portfolio that currently has a negative 15-30% gross margin "poses significant challenges."