General Motors
stock is ticking higher for the ninth consecutive trading day, putting it on track for a streak of gains not seen since July 2017.
A combination of fundamental news and favorable research from Wall Street is lifting the stock. Earlier this week, General Motors (ticker: GM) announced second-quarter U.S. deliveries of 691,978 vehicles—including 15,652 electric vehicles—up from 603,208 the previous quarter.
EV deliveries declined, but the total still snagged General Motors the second slot in the U.S. market for battery-powered cars.
Tesla
(TSLA) continued to lead by a wide margin, while
Ford Motor
(F) ranked third.
The company is expected to report second-quarter financial results on July 25. Jefferies analysts expect another solid quarter, they wrote in a Friday report. They raised their target for the stock price to $39 from $37 but maintained a Hold rating on the shares.
In afternoon trading, shares gained 0.9% to $39.81.
On Thursday, analysts at Bank of America raised their target for the stock price to $72 from $70, maintaining a Buy rating. They praised the company for guiding its core business through a difficult economic environment and making strides in EVs.
And finally, analysts at Morgan Stanley maintained their Overweight rating in a Thursday report, lifting their price target to $41 from $38.
The stock has climbed more than 18% this year.
Write to Emily Dattilo at [email protected]
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