Is GM Finally Getting The Props It Deserves?

It’s like that movie scene when the alpha rolls up in his polished Corvette, revs his engine with a wink and the ladies swoon.

Except in this scenario, ruggedly handsome General Motors Company GM is winning the Street without even touching the gas.

Ahead of a Monday announcement heralding 20 new electric vehicles by 2023, charmed investors pressed GM to all-time highs, and management convinced Citigroup of the company’s unexpected leadership in self-driving technology.

“We walked away with even more confidence [in] our GM transformation thesis particularly as it relates to future autonomous mobility,” analyst Itay Michaeli wrote Monday of his meeting with executives.

Meanwhile, Deutsche Bank reiterated belief in the traditional automaker driven by its materially significant potential to deploy autonomous vehicles within quarters rather than previously expected years. The analysts admitted their early estimates for GM’s Mobility segment to be “significantly understated” and confirmed the unit’s potential to drive upside.

“GM did not refute the logic that we used to conclude that this business will most likely be spun off to shareholders,” Deutsche Bank’s Rod Lache, Shreyas Patil and Mike Levin wrote in a note.

Michaeli corroborated GM’s leadership in the emerging fleet theme.

Deutsche Bank and Citi both reiterated Buy ratings on the stock with respective price targets of $51 and $53. At the time of publication, shares were trading up 4.7 percent at a rate of $42.28.

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