Wells Fargo raised the firm’s price target on General Motors to $27 from $25 and keeps an Underweight rating on the shares. The firm notes GM surprised investors with a $10B accelerated share repurchase program, about 23% of its market cap. GM’s cash will be $19B post ASR, near its $18B target. Wells questions the large cash use given the challenges ahead on pricing, EV mix, or inflation.
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