Shares of General Motors Co. were poised to hit a record close on Thursday, extending its winning streak to a fourth session and surpassing $ 50 on optimism about the momentum of the company’s electric vehicles. Shares of GM GM, + 5.46% traded as high as $ 142.71, an intraday high based on available data dating back to 1972. The stock has gained in the last seven of eight sessions and was the sixth best performing on Thursday on the Dow Jones Industrial. Average. DJIA, + 0.43%
GM shares top $ 50 on track to another record high
Argus analyst Bill Selesky raised his GM stock rating Thursday to buy, from hold, saying the company continues to expand into electric and autonomous vehicles and benefits from “high margins” in North America as well as a “Solid Cash Flow and a Solid Balance Sheet”. Investors have underpriced GM in internal combustion vehicles and other aspects of its business, Selesky said in the note. It raised its target price for GM shares to $ 56, up about 15% from current levels. GM shares have gained 46% in the last 12 months, compared to gains of around 16% for the S&P 500 Index. SPX, + 0.16% GM was “the star of the show” earlier this week in the Virtual CES, Wedbush’s Dan Ives said in a note Thursday. GM’s updates to battery technology and new electric vehicle models “chart a new growth path for the company and make it a major player in the electric vehicle industry for years to come,” he said. GM also introduced a new business, BrightDrop, focused on deliveries and logistics, with FedEx among its first customers.