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Non-Tech : GM - General Motors

GM 68.66

-0.7%

Oct 30 3:59 PM EDT

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From: Julius Wong	10/20/2020 9:58:58 AM
	of 543

New strategy from General Motors could pay off huge - Bank of America Bank of America thinks General Motors (NYSE: GM) is on the right track to finally break through its depressed trading level. "While we believe GM stock is undervalued currently (vs. our PO of $65), the burden of proof rests with the company. The first major hurdle is surviving/thriving through a downturn, which is almost cleared with the recent COVID-induced market shock. The next major hurdle is recognizing where the future of the industry is going and setting a strategic course to get there, and we believe GM is an industry leader in this effort. The last major hurdle is illustrating the earnings potential through-cycle and/or in the new world order, which is difficult to pinpoint, but there is material upside potential." BofA thinks the ultimate and ideal business focus from GM may be North American Trucks, global luxury (Cadillac), GM Financial, EV/AV and connectivity technology. GM is seen de-emphasizing or exiting its China and South America businesses, while the future of its internal combustion engine technology/supply could be outsourced to suppliers or spun off as a separate business. BofA has a Buy rating on GM and price objective of $65, which is 95% upside potential from yesterday's closing price. When is the last time GM traded at $65? A check of the chart shows that it hasn't since the bankruptcy. seekingalpha.com

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