General Motors raised its full-year profit outlook by $500 million to between $14 and $16 billion, signaling confidence that consumer demand will remain strong despite elevated interest rates and macroeconomic uncertainty. The company continues to benefit from robust sales of high-margin full-size pickups and SUVs such as the Chevrolet Silverado, GMC Sierra, Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, and Cadillac Escalade. JPMorgan raised its price target to $120 with an Overweight rating, while Bank of America maintains a Buy rating with a $107 target. GM trades at a forward price-to-earnings multiple of 6.2 times, below the S&P 500 average of 20 times, and continues to repurchase shares aggressively. According to Insider Monkey's database, 77 hedge funds held stakes in the company as of the first quarter, down from 81 in the prior quarter, with AQR Capital Management hiking its stake by 28% to over $1 billion and Viking Global increasing by 35% to $683.6 million.
General Motors CompanyGM raised its full-year profit outlook by $500 million, signaling strong demand and financial performance.
Bank of America Corp
JPMorgan Chase & Co