Morgan Stanley upgrades this U.S. auto giant, says stock is oversold
Morgan Stanley thinks investors may be overlooking shares of U.S. automaker General Motors . The firm upgraded GM to overweight from equal weight Monday. It also raised its price target to $38 per share from $35, implying upside of 15% from Friday's $33.04 close. Morgan Stanley's bull case is even higher, with a new $60 per share target representing nearly 82% upside. "GM may be overearning, but the stock is oversold," Morgan Stanley analyst Adam Jonas said.
GM also raised its adjusted earnings guidance for 2023 to a range of $11 billion to $13 billion. That's up from $10.5 billion to $12.5 billion. "GM has taken a number of disciplined actions this year and demonstrated further cost cutting initiatives during the quarter," Jonas said. "Following the first quarter we are increasingly convinced that GM is focused on capital discipline during an uncertain environment.
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