General Motors Company GM shares are trading higher after Wedbush initiated coverage on the stock with an Outperform rating and announced an $85 price target.
Wedbush analyst Daniel Ives believes 2021 serves as an inflection point for the legacy automaker as it charts a complete shift towards an electric future and has the potential to double its market cap by the end of 2022.
General Motors designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments.
GM's stock was trading about 3.4% higher at $57.99 on Friday at the time of publication. The stock has a 52-week high of $64.30 and a 52-week low of $23.33.
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