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GM

General Motors

$39.75

(0.00%)

, SFTBY

SoftBank; also use SFTBF

$0.00

(0.00%)

10:14
07/10/18
07/10
10:14
07/10/18
10:14

RBC sees Cruise eventually being worth about as much as all of GM is now

This morning, RBC Capital analyst Joseph Spak raised his price target for General Motors (GM) to $53 citing the company's robo-taxi opportunity, as he believes Cruise could be worth nearly as much as GM today, even under modest assumptions. The analyst also argued that Softbank's (SFTBY) $2.25B investment adds validation to the autonomous driving unit. CRUISE OPPORTUNITY: In a research note to investors, RBC Capital analyst Joseph Spak raised his price target for General Motors to $53 from $52, while reiterating an Outperform rating on the shares. If successful, the analyst believes GM Cruise could be worth almost as much as General Motors today, even under modest assumptions. Assuming the company gets the tech right, Spak's scenario shows a fleet of about 800k vehicles driving 58B miles by 2030. At 55c/mile, he sees about $17B of EBITDA, with his estimate valuing Cruise's transportation network company at around $43B. The analyst also noted that he estimates shared autonomous vehicles or "robo-taxis" could be a $3.8T total addressable market by 2050. Furthermore, Spak told investors he sees the recent Softbank investment as adding validation as it provides capital to reach scale, affords GM capital allocation flexibility, validates Cruise's technology, progress and opportunity, and unlocks GM's share price value as Cruise is about $7 per share. Additionally, and while not forecasting a downturn, Spak has greater confidence in downside protection. The analyst believes uncertainty around downturn performance has been a contributing factor weighing on the multiple of GM shares, but thinks investors' overly pessimistic view should begin to fade. PRICE ACTION: In morning trading, shares of General Motors are fractionally higher at $39.88 per share.

GM

General Motors

$39.75

(0.00%)

SFTBY

SoftBank; also use SFTBF

$0.00

(0.00%)

  • 10

    Sep

GM General Motors
$39.75

(0.00%)

06/06/18
MSCO
06/06/18
NO CHANGE
MSCO
Morgan Stanley says Softbank stake in Cruise significant 'far beyond' just GM
Morgan Stanley analyst Adam Jonas said Softbank's (SFTBF) recently announced investment in GM Cruise "carries significance far beyond" General Motors (GM), arguing that the increasingly conspicuous involvement of "outside validators" such as large-cap tech firms and prominent investors can accelerate perception change in the capital markets about "Auto 2.0." He envisions the possible formation of two different companies currently held under one automaker's roof, which he dubs an Auto 2.0 "Yieldco" and an Auto 2.0 "Growthco." Converting car owners into monthly subscribers could open up significant revenue, profit, and value opportunities for traditional automakers, argues Jonas in a note to investors. Other automaking "OEMs" include Ford (F), Daimler (DDAIF), Toyota (TM), Honda (HMC), Fiat Chrysler (FCAU) and BMW Group (BAMXY).
06/18/18
SBSH
06/18/18
NO CHANGE
SBSH
Buy
GM news supports $134 per share long-term upside case, says Citi
Bloomberg reported on Friday that General Motors has begun the process of contemplating strategic options for its Cruise AV division, Citi analyst Itay Michaeli tells investors in a research note. The analyst believes the news supports his long-term upside case of $134 for GM shares.
06/18/18
NORL
06/18/18
NO CHANGE
Target $15
NORL
Outperform
TeleNav integration at GM a 'strong sign' of coming ramp-up, says Northland
Northland analyst Michael Latimore said he believes TeleNav (TNAV) is now integrated with General Motors' (GM) electronic data interchange system, which he views as "another strong sign" that GM plans to ramp sales of vehicles with TeleNav's system by the end of 2018. Latimore keeps an Outperform rating and $15 price target on TeleNav shares.
07/10/18
RBCM
07/10/18
NO CHANGE
Target $53
RBCM
Outperform
General Motors price target raised to $53 at RBC Capital
RBC Capital analyst Joseph Spak kept his Outperform rating on General Motors (GM) and nudged his price target to $53 from $52, saying the recent $2.25B investment by Softbank (SFTBF) adds validation to the company's GM Cruise robo-taxi offering plans. Aside from the validation, Spak notes that the investment "provides capital to reach scale commercialization, affords GM capital allocation flexibility, and unlocks GM share price value as Cruise around $7 per share."
SFTBY SoftBank; also use SFTBF
$0.00

(0.00%)

07/31/17
JPMS
07/31/17
NO CHANGE
Target $450
JPMS
Overweight
Charter offer would likely have to be at least $500 per share, says JPMorgan
JPMorgan analyst Philip Cusick believes SoftBank (SFTBY) is one of the few companies that could offer a big enough price to take control of Charter Communications (CHTR). While a deal is not very likely, Softbank Chairman Masayoshi Son "is never to be counted out as a buyer," Cusick tells investors in a research note. He believes a Charter acquisition offer would likely have to be in the $500 per share or higher range. Charter shares in premarket trading are up $31.74 to $402 after the Wall Street Journal reported Friday night that SoftBank has interest in merging the company with Sprint. Cusick estimates annual synergies between Sprint (S) and Charter could be around $2B, with minimal cost to integrate versus a Sprint and T-Mobile (TMUS) merger "which would have more eventual cost savings but cost much more to integrate." A Sprint and Charter deal would not have a difficult regulatory review, the analyst believes. Cusick adds that if Charter looked like it was going to sell to Softbank, Comcast (CMCSA) would have to decide if it ever did want to buy Charter and "move more quickly with an even bigger premium."
08/16/17
SBSH
08/16/17
NO CHANGE
SBSH
Citi still views Sprint, T-Mobile merger as most likely
Citi analysts Michael Rollins and Jason Bazinet continue to expect 2017 to be the year of mergers and acquisitions in the Wireless space. Since attending SoftBank's (SFTBY) Q2 Investor event and meeting with T-Mobile US (TMUS) management, the analysts still view a merger scenario between Sprint (S) and T-Mobile as the most likely to emerge in the Wireless space. "We are getting the increasing sense from multiple companies in the category that the regulatory environment may be as good as it gets," Rollins and Bazinet write in a research note.
11/06/17
SBSH
11/06/17
NO CHANGE
Target $75
SBSH
Buy
Citi trims T-Mobile, Sprint targets after merger talks cease
Citi analyst Michael Rollins lowered his price target for Buy-rated T-Mobile (TMUS) to $75 from $77 and for Neutral-rated Sprint (S) to $7.50 from $9.00 after the companies ceased talks to merge. He sees T-Mobile as "very comfortable" with its operating momentum and improving financial position and SoftBank (SFTBY) and Sprint (S) taking a more aggressive posture to pursue strategic partners. The analyst would not be surprised if SoftBank and Deutsche Telekom (DTEGY) revisit the merger talks in 6-12 months should Sprint and T-Mobile not find compelling strategic partners. Further, Rollins expects tower stocks like American Tower (AMT), SBA Communications (SBAC) and Crown Castle (CCI) to trade higher on expectations for greater capital expenditures now that the merger talks are over.
06/01/18
JPMS
06/01/18
NO CHANGE
Target $58
JPMS
Overweight
General Motors price target raised to $58 from $55 at JPMorgan
JPMorgan analyst Ryan Brinkman raised his price target for General Motors (GM) to $58 saying the $2.25B investment by SoftBank (SFTBY) in the company's Cruise autonomous mobility business is "positive on a number of fronts." The investment "puts a stake in the ground relative to the value of Cruise" and shows "just how inexpensive GM's core automotive operations really are," Brinkman tells investors in a research note. The analyst sees 36% upside in shares of GM and reiterates an Overweight rating on the name.

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WES

Western Gas Partners

$49.52

0.38 (0.77%)

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Western Gas Equity

$32.38

0.2 (0.62%)

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PXD

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ZTS

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Johnson & Johnson

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

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BHVN

Biohaven Pharmaceutical

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AMGN

Amgen

$188.31

1.6 (0.86%)

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CE

Celanese

$100.19

1.19 (1.20%)

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

Uniti Group

$20.00

0.53 (2.72%)

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Windstream

$3.37

0.2 (6.31%)

UNIT

Uniti Group

$20.00

0.53 (2.72%)

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  • 25

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GLD

SPDR Gold Shares

$124.81

0.77 (0.62%)

17:41
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MDLZ

Mondelez

$48.17

0.84 (1.77%)

17:26
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FN

Fabrinet

$55.23

0.67 (1.23%)

17:25
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UBER

Uber

$0.00

(0.00%)

17:24
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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$277.40

2.93 (1.07%)

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S&P 500

$0.00

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2.93 (1.07%)

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ORCL

Oracle

$51.71

0.25 (0.49%)

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SBLK

Star Bulk Carriers

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HOLI

Hollysys

$20.56

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AKS

AK Steel

$2.98

-0.015 (-0.50%)

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LPTX

Leap Therapeutics

$1.65

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MPB

Mid Penn Bancorp

$23.25

-0.24 (-1.02%)

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REGN

Regeneron

$423.79

8.54 (2.06%)

, AMGN

Amgen

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UPS

UPS

$110.89

-0.91 (-0.81%)

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DAL

Delta Air Lines

$51.09

0.58 (1.15%)

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UPS

UPS

$110.89

-0.91 (-0.81%)

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