(mtag101702) Editor: Dhirendra Tripathi
investing. com – General Motors (NYSE: GM) shares rose 3% on Friday on bullish assumptions by Wedbush analyst Daniel Ives.
The analyst sees a target of $85 for the stock, which is about 52% higher than Thursday’s closing price of $56.06.
Ives said he believes 2021 will be a turning point for the classic car maker returning to electric vehicles. The bullish projections don’t underestimate the company’s cost to double by the end of 2022.
GM has launched at least 20 new electric vehicles in two years.
“The focus on electric vehicles has given GM a new strength and strategic focus, and this is starting to be clearly recognized by Street,” Ives wrote in the post.
GM plans to sell more than 1 million electric vehicles by 2025. The new spend is 26% higher than the plans announced last year.
GM expects first-half adjusted EBIT of $8.5 to $9.5 billion, thanks to continued strong demand, better-than-expected results in GM Financial and improved production outlook in the near term.