General Motors Co.’s vertical integration capabilities and the conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the legacy automaker, according to Wedbush Securities.
The GM Analyst
Wedbush analyst Daniel Ives maintained an “Outperform” rating on General Motors with a price target of $85 per share.The GM Thesis
Ives, who has been a long-time Tesla Inc. bull, believes that GM’s EV transformation story heading into 2022 is starting to get recognized by Wall Street investors, with an electric-vehicle driven re-rating of the automaker’s stock currently in process.Despite headwinds in the form of near-term supply and chip shortage issues, GM has a “golden opportunity” to ultimately convert 20 percent of its installed customer base to EVs by 2026 and covert over 50 percent of its customer base by 2030, as per the analyst.
