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Goldman continues to prefer Tesla and GM among automakers
The Fly

Goldman continues to prefer Tesla and GM among automakers

Goldman Sachs analyst Mark Delaney said in a 2023 outlook note published last night on U.S. Autos and Industrial Tech that he expects the weak macro backdrop to "make for a challenging and choppy fundamental environment in 2023." In conjunction with the firm’s global auto research colleagues, Delaney lowered his Q4 global auto production forecast to 21.6M units from 21.9M units, given the rise of COVID cases in China, but his 2023 global auto production forecast was raised to 84.8M from 82.7M units, "driven entirely by China." He also cut his U.S. SAAR forecasts for 2023 and 2024 to 14.5M and 16M units from 15.5M and 16.5M units, respectively. Delaney, who would continue to be selective with automaker stocks as price and mix are likely to be headwinds in 2023, continues to prefer Tesla (TSLA) and General Motors (GM), he noted. Delaney has a Buy rating and $205 price target on Tesla shares and a Buy rating and $42 target for GM. He keeps Neutral ratings on Ford (F) and Rivian (RIVN) and a Sell rating on Lordstown Motors (RIDE).

Published first on TheFly

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