Piper Sandler initiated coverage of General Motors with a Neutral rating and $44 price target. GM is “basically a U.S. pure-play that sells gasoline trucks and SUVs” that is committed to 100% EVs, but the firm questions “will customers respond?” With the company’s gas truck and SUV exposure, the firm thinks it will be hard to scale EVs, though it says valuation and “ample” cash flow “provide downside protection.”
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