General Motors price target raised to $54 from $48 at RBC Capital

RBC Capital raised the firm’s price target on General Motors to $54 from $48 and keeps an Outperform rating on the shares. The company’s business update was “largely constructive”, and while GM‘s Cruise ambitions were curtailed after one of its driverless cars was unable to stop in time before striking a pedestrian last month, the rest of the business remains on track, the analyst tells investors in a research note. GM remains bullish on its long-term outlook for EV demand, where the company is in a position to benefit from IRA credits, the firm added.