The firm said shares could have more than 110% upside from Tuesday's close, citing its 'Core to Future' transition as 'future-proofing' the business.
Bank of America says General Motors remains a leader in the auto industry, despite many investors remaining pessimistic on the stock. Shares of GM declined more than 2% during Wednesday's trading session. On Tuesday , the automaker announced an earnings and revenue beat for the first quarter. The stock is down more than 4% year to date. Meanwhile, Bank of America has a buy rating on the auto giant. The firm's price target of $70 implies shares surging 112% from Tuesday's close price.
The company is bullish that lower-carbon electric vehicles are the future for the auto industry. Murphy noted that the company's outlook for the second half of 2023 assumes a weaker operating environment. However, he says that GM has made "significant strides" in restructuring its business since its last significant downturn in 2009, which makes it well-positioned in light of cyclical tailwinds and changing industry environment.
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