General Motors Price Target Raised To $70 From $60 At Citi
Citi analyst Itay Michaeli raised his price target for General Motors to $70 from $60 citing greater confidence in his long-term potential upside case of $134 per share. The carmaker closed Friday up 70c to $41.46.
The analyst views his new price target as "arguably conservative." The $70 per share target does not contemplate the "potential game-changing implications" of GM's leadership in autonomous vehicles as a Network, or robotaxis, Michaeli tells investors in a research note.
The analyst believes GM's exposure to pickup trucks and robotaxi networks are "overlooked/misunderstood narratives." He keeps a Buy rating on the shares.