General Motors: Increasing PO To $77 On Strong Guidance, Positive Technicals

Summary:

  • GM stock outperforms Ford and Tesla in 2024, up 36%, and has recaptured much of its July-early August losses.
  • The firm reported strong Q2 earnings and raised its FY 2024 guidance.
  • Analysts expect 2024 EPS growth of nearly 30% with steady profits in the out year, and I provide a refreshed look at my valuation assumptions.
  • GM’s chart is also constructive after a summer swoon.
GM Canada Technical Centre campus in Markham, Ontario, Canada.

JHVEPhoto

Shares of General Motors (NYSE:GM) continue to shine in 2024. The stock is higher by 36%, dividends included, while Ford (F), which I still like on valuation, is off by 2%. Meanwhile, shares of Tesla (


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