As previously reported, Morgan Stanley analyst Adam Jonas upgraded General Motors to Overweight from Equal Weight with a price target of $38, up from $35. General Motors "may be overearning, but the stock is oversold," contends the firm, which argues that the market has sufficiently discounted the challenges to making money in EVs while underappreciating the slow-melting internal combustion engine vehicle free cash flows and GM‘s improved capital discipline. The firm, which also raised its bull case view to $60 from $50, sees a positive bull/bear skew and now identifies GM as in a "top 5" position among its U.S. autos coverage.
Published first on TheFly
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