General Motors price target raised to $95 from $90 at Citi

Citi raised the firm’s price target on General Motors to $95 from $90 and keeps a Buy rating on the shares. The anlayst raised 2024 and 2025 estimates following GM‘s “encouraging update.” The question coming out of the update is whether it will prove sufficient to catalyze a sustained re-rating of the shares, and Citi thinks it can, the analyst tells investors in a research note. The firm thought GM’s tone around its electric vehicle outlook “sounded reassuring all-things-considered.” With EV sentiment remaining quite weak, any tangible progress should be rewarded, contends Citi.