General Motors’ (GM) “well-managed” core business continues to underpin its future-proofing strategy of accelerating investments in electric and autonomous vehicles, BofA Securities said in a note Tuesday.
“GM’s liquidity levels should be sufficient to manage through volatility in the macro environment, while also proactively investing for the future and returning value to shareholders,” the brokerage said.
Following General Motors’ solid Q1 results, the brokerage said the company did not disappoint investors, who were looking for an upside to 2024 guidance.
General Motors raised its full-year adjusted EPS outlook to between $9 and $10, from the previous range of $8.50 to $9.50, after reporting forecast-beating Q1 earnings.
BofA reiterated its buy rating on the stock and a price target of $75.