UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on General Motors Company
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on General Motors Company (NYSE: GM), and raised its price target from $30.00 to $34.00.
J.P. Morgan noted, “We rate GM Overweight, for its best-in-class leverage to global growth markets, ongoing operational turnaround, and improving product cadence. We believe GM is well positioned to capitalize upon strong long-term growth in emerging markets, and is winning the race for the future in China in particular. In developed markets, we expect higher profits in North America – spurred by a rising top line and a new generation of full-size pickup trucks – to more than offset continued losses in Europe. We see a multi-year tailwind to GM's North American business from a sustained increase in US industry light vehicle sales, as light vehicle SAAR normalizes higher. As well, we expect a new generation of full size trucks will materially benefit GM North America share, volume, mix, and pricing, starting as soon as 2Q13.”
General Motors Company closed on Tuesday at $25.49.
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