Mizuho analyst Vijay Rakesh upgraded General Motors to Buy from Neutral with a price target of $42, up from $38. The analyst says sentiment on GM “is at a bottom” given the weak consumer, 25% UAW wage hikes, Cruise and electric vehicle challenges. This is reflected in the stock’s 10-year valuation lows, the analyst tells investors in a research note. The firm notes the UAW strike is in the rearview mirror, production has resumed, and GM has “idiosyncratic catalysts” from fixed cost reductions, a refreshed EV ramp focused on profitability and share buybacks.
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