Citi more confident in $134 long-term upside case for GM shares
Citi analyst Itay Michaeli says he left General Motors' investor event yesterday with greater conviction on his thesis and prior $134 long-term potential upside case for the stock. The analyst attributes yesterday's share pullback to some "sell the news" and mixed feedback from media test rides in the GM autonomous vehicles, which the analyst views as a "non-issue." He believes GM's event essentially introduced a new industry, autonomous urban networks, that's moving quickly towards commercialization. He sees the market as having a significant total addressable market of "well into hundreds of billions, or higher." Michaeli thinks GM shares "stand to re-rate meaningfully higher." He keeps a Buy rating on the stock with a $60 price target.