Citi analyst Itay Michaeli raised General Motors Co's (NYSE: GM) price target to $96 from $90 and kept a Buy rating on the shares.
The analyst increased 2021 through 2023 earnings estimates to reflect "strong" Q4 trends as well as the company's prior positive Q4 pre-announcement.
Michaeli expects GM to benefit from truck refresh and electric vehicle launches in 2023.
The analyst said though the shares have underperformed since the recent departure of Cruise's CEO, GM's upcoming electric vehicle unveilings will likely be a positive catalyst for the stock.
Michaeli also raised Ford Motor Co's (NYSE: F) price target to $23 from $20 and kept a Neutral rating on the shares.
Michaeli maintained a "constructive stance" on Ford, saying the long-term risk/reward proposition "continues to improve."
Price Action: GM shares are trading higher by 0.31% at $57.41, while F is down 0.29% at $20.50 in premarket on the last check Thursday.
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