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.
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.