General Motors (GM) stock experienced its ninth consecutive day of gains on Friday, marking the longest winning streak for the company since July 2017.
Factors Driving the Stock’s Rise
A combination of positive fundamental news and favorable research from Wall Street has boosted GM stock. Notably, the company announced that it delivered a total of 691,978 vehicles in the second quarter of the year, including 15,652 electric vehicles. While EV deliveries slightly declined, General Motors still managed to secure the second spot in the U.S. battery-powered car market. Tesla (TSLA) maintained its lead, while Ford Motor (F) took third place.
Anticipated Second-Quarter Financial Results
General Motors is expected to report its second-quarter financial results on July 25. Jefferies analysts expressed optimism, expecting another solid quarter for the company. They raised their target stock price from $37 to $39 but maintained a Hold rating on the shares.
Positive Feedback from Analysts
Bank of America analysts also displayed confidence in General Motors’ performance. They increased their target stock price from $70 to $72, while maintaining a Buy rating. Bank of America praised the company for successfully navigating a challenging economic environment and making progress in the electric vehicle segment.
Similarly, Morgan Stanley analysts published a report on Thursday with an Overweight rating for General Motors. They raised their price target from $38 to $41.
Continued Growth in Stock Value
General Motors’ stock has seen an impressive increase of over 22% in value this year.