General Motors Company Surges On Citi Buy Rating

General Motors Company GM received a Buy recommendation and $48 price target from Citi.

Analysts led by Itay Michaeli were impressed with GM management at a recent Investor Day. Michaeli exclaimed that "management delivered nearly perfectly on our "wish list" in a message filled with conviction and clarity. Having come after Ford’s let-down outlook earlier in the week, GM shares now appear poised to re-rate. Buy GM."

The Buy recommendation comes after months of difficulties for GM such as record vehicle recalls.

The firm’s research noted that "the North America product cycle and brand revitalization stories appear underappreciated based on our proprietary survey work, recent dealer checks and detailed product cycle analysis. Combined with favorable industry dynamics...and GM’s #1 presence in emerging markets, GM may be the most compelling auto turnaround stories in our universe."

General Motors Company traded at $33.84 late Friday, up 1.99 percent.