General Motors price target raised to $96 from $90 at Citi

Citi analyst Itay Michaeli raised the firm’s price target on General Motors to $96 from $90 and keeps a Buy rating on the shares. The analyst increased 2021 through 2023 earnings estimates to reflect “strong” Q4 trends as well as the company’s prior positive Q4 pre-announcement. In 2023 he expects GM to benefit from new a truck refresh and electric vehicle launches. GM remains Michaeli’s top pick, with a long-term upside case to $200 per share. Though the shares have underperformed since the recent departure of Cruise’s CEO, GM’s upcoming electric vehicle unveilings will likely be a positive catalyst for the stock, Michaeli tells investors in a research note.