Bernstein analyst Daniel Roeska initiated coverage of General Motors with an Outperform rating and $55 price target. The company is pivoting from “lofty” long-term targets back to more tangible shareholder returns, the analyst tells investors in a research note. The firm expects GM‘s 2024 performance to push the stock higher, saying management “has four distinct opportunities to realize more value still.” Bernstein is encouraged by the company’s stronger cash flows and expects GM to return over $4.5B to shareholders per year.
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