UPDATE: Goldman Sachs Reinstates Coverage on General Motors Company with Buy Rating, $35 PT

In a report published Monday, Goldman Sachs Group reinstated coverage on General Motors Company (NYSE: GM) with a Buy rating and $35.00 price target.

Goldman Sachs noted, “We are removing the Not Rated designation from GM and adding the shares to the Americas Buy List with a 12-month price target of $35, implying 28% upside. We were previously Not Rated on GM, pending the completion of its purchase of 200mn shares owned by the US Treasury. Our Buy rating is anchored by our expectation for 17% EBITDA growth next year driven primarily by the convergence of NA margins towards those at Ford and a secular improvement in Brazilian profitability. Both are driven by major product refreshes into 2013, volume improvements and a benign input cost environment.”

General Motors Company closed on Friday at $27.32.

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