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General Motors Stock on Track for Ninth Consecutive Trading Day of Gains

July 9, 2023 by Forex Winner Leave a Comment

General Motors (GM) stock is showing impressive strength in the market, with a streak of gains not seen since July 2017. This positive performance can be attributed to a combination of fundamental news and favorable research from Wall Street.

Impressive Second-Quarter Deliveries

General Motors recently announced its second-quarter U.S. deliveries, which totaled 691,978 vehicles. Among these, 15,652 were electric vehicles (EVs), reflecting an increase from the previous quarter’s delivery numbers of 603,208 vehicles. While EV deliveries experienced a small decline, General Motors secured the second position in the U.S. market for battery-powered cars. Tesla (TSLA) continued to dominate the market, with Ford Motor (F) ranking third.

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Optimistic Financial Forecast

Jefferies analysts are expected to report another solid quarter for General Motors when the company reveals its second-quarter financial results on July 25. They have raised their target price for the stock to $39 from $37, maintaining a Hold rating on the shares.

Positive Analyst Ratings

Besides Jefferies, other analysts have also expressed confidence in General Motors. Bank of America raised their target price for the stock to $72 from $70, maintaining a Buy rating. They commended the company for successfully navigating through a challenging economic environment and making significant progress in the EV market. Similarly, analysts at Morgan Stanley maintained an Overweight rating and raised their price target to $41 from $38.

Steady Stock Growth

General Motors stock has displayed remarkable growth this year, surpassing an impressive 18% increase. This upward trajectory showcases the company’s strong performance and positive market sentiment.

In summary, General Motors stock is experiencing a remarkable nine-day streak of gains, with optimistic second-quarter delivery numbers and positive feedback from analysts. The company’s consistent growth and progress in the EV market contribute to its favorable position in the industry.

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Filed Under: Forex News Tagged With: analyst ratings, gains, General Motors, second-quarter deliveries, stock market

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