As previously reported, Evercore ISI analyst George Galliers upgraded General Motors (GM) to Outperform from In Line after SoftBank's (SFTBF) Vision Fund agreed to invest in the company's Cruise autonomous driving unit in a deal that values the unit at $11.5B. Galliers said he had been assigning no value to the Cruise assets before the announcement. Under his new sum-of-the-parts valuation, Galliers applies a 6.0x multiple on GM's core, attributes a value of about $8 per share for the Cruise assets and about 60c per share for GM's stake in Lyft before applying a 25% discount to both of the latter. He raised his price target on GM shares to $50 from $47.

Bernstein analyst Daniel Roeska initiated coverage of General Motors with an Outperform rating and $55 price target. The company is pivoting from "lofty" long-term targets back to more tangible shareholder returns, the analyst tells investors in a research note. The firm expects GM's 2024 performance to push the stock higher, saying management "has four distinct opportunities to realize more value still." Bernstein is encouraged by the company's stronger cash flows and expects GM to return over $4.5B to shareholders per year.

RBC Capital raised the firm's price target on General Motors to $58 from $56 and keeps an Outperform rating on the shares. The company's Q1 EBIT beat was "impressive" while its management remained bullish on its EV plans for 2024, with several key launches coming in the second half of the year, the analyst tells investors in a research note. RBC adds that GM investors should expect more buybacks to come in the future.

Citi raised the firm's price target on General Motors to $96 from $95 and keeps a Buy rating on the shares. The analyst increased estimates post the company's Q1 beat. GM remains the analyst's top pick. The company offered encouraging Q2 outlook commentary, suggesting further upside potential to the 2024 guide, and offered a confident tone around the electric vehicle outlook, the analyst tells investors in a research note. "Quarters like this continue to support the case that the now 5+yr running pushback on the stock has grown stale," contends Citi.