GM share price target raised after company EV plan

Deutsche Bank analysts raised their price target for General Motors Co. GM on Friday,
+ 0.42%
12% to $ 48 from $ 43, up about 12% from Friday prices, saying the company’s new push towards electric vehicles puts it on track to become a leader in this domain. Earlier this week, GM said it would invest more in electric vehicles and autonomous vehicles. The strategic update also “implicitly” confirmed that GM will not part with EV or associated assets, Deutsche Bank analysts said. “We are very encouraged by the update of GM’s product and investment strategy and targeted cost / margin trajectory, which could ultimately give it a strong market position and strong profitability in EVs.” , they said. GM shares were about to end the week up more than 4% and so far this year have gained 17%, compared to gains of around 11% for the S&P 500 index.