General Motors Shares Up as UBS Raises Target on EV Strategy

General Motors  (GM) – Get Report shares rose Tuesday, after UBS analyst Patrick Hummel lifted his share-price target for the country’s biggest automaker to $50 from $34 and affirmed his buy rating. GM is “fully back on track and likely enjoys strong momentum well into 2021,” he wrote in a commentary, […]

General Motors  (GM) – Get Report shares rose Tuesday, after UBS analyst Patrick Hummel lifted his share-price target for the country’s biggest automaker to $50 from $34 and affirmed his buy rating.

GM is “fully back on track and likely enjoys strong momentum well into 2021,” he wrote in a commentary, citing its electric-vehicle plans, CNBC reports.

GM recently traded at $40.96, up 5.1%. It has climbed 12% so far this year.

“With a focus on crystallizing value of its EV strategy, … GM will likely get more credit for being a relative winner in the transition,” Hummel said.

Investors will come to view GM as more of an “aggressive” electric-vehicle company during the next one to two years, he said. 

That would distinguish GM from the rest of the Big Three U.S. automakers, Ford Motor  (F) – Get Report and Chrysler  (FCAU) – Get Report, which are slow-growth manufacturers, he said.

Also Tuesday, Walmart  (WMT) – Get Report unveiled a pilot delivery program with Cruise, GM’s majority-owned self-driving vehicle company.

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