The auto industry has been one of the most lucrative and controversial sectors in the stock market in recent years. On Thursday, one analyst adjusted price targets for several automaker stocks and named his top five auto stock picks for 2022.
The Analyst
Bank of America analyst John Murphy made the following automaker price target adjustments:- Ford Motor Company: Reiterated Buy rating, raised target from $26 to $30.
- General Motors Company: Reiterated Buy rating, raised target from $85 to $100.
- Tesla Inc.: Reiterated Neutral rating, raised target from $1,200 to $1,300.
- Fisker Inc.: Reiterated Neutral rating, raised target from $24 to $25.
- Lordstown Motors Corp.: Reiterated Underperform rating, cut target from $5 to $4.
- Canoo Inc.: Reiterated Underperform rating, raised target from $5 to $6.
The Auto Thesis
In the auto outlook note, Murphy said he remains bullish on the auto industry as a whole after a big year of outperformance in 2021.“With the global automotive cycle still in the early stages of recovery from the COVID shock, stock cycle timing for our coverage universe over a multi-year time horizon still remains relatively favorable,” Murphy said.
