JPMorgan raised the firm’s price target on General Motors (GM) to $70 from $64 and keeps an Overweight rating on the shares. The company reported “much stronger” Q3 results, allowing for modestly higher full-year 2024 EBIT guidance and “very materially” stronger free cash flow guidance, the analyst tells investors in a research note. The firm says the earnings report instills further confidence in management’s outlook at the time of its recent investor day to accelerate share repurchase to allow for diluted shares of under 1B by early 2025.
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