Here's Why Ford Stock And GM Stock Are Racing Higher Today

Ford Motor Company F shares are trading higher by 4% Monday afternoon after Wells Fargo initiated coverage on the Detroit automaker with an Overweight rating and announced a price target of $15.

General Motors Company GM shares are trading higher by 5% after Wells Fargo also initiated coverage on the stock with an Overweight rating and announced a $67 price target.

Wells Fargo did say GM is overall, at this point in time, better positioned than Ford to lead the EV push.

“GM is leading the way in the autonomous, electric, and connected future of mobility. GM’s autonomous unit Cruise was recently valued at $30 billion, in line with perceived leader Waymo,” said Wells Fargo’s Colin Langan. “GM plans to roll out the 3rd generation of EV vehicles using its Ultium EV battery technology on exciting products like the new Hummer and Cadillac Lyric."