TD Cowen Reiterates $92 Price Target and ‘Buy’ Rating on GM

TD Cowen analyst Itay Michaeli reaffirmed on October 21, 2025, General Motors’ ‘Buy’ rating, maintaining a price target of $92.

“A positive outcome consistent with our thesis and preview thoughts (here).

Q3 EBIT adj. beats consensus by 24% with the midpoint of upwardly revised ’25 guidance implying Q4 EBIT-adj. ~9% above.

Perhaps most impressive is the ’25 FCF guidance raise (+18%) despite expected de-stocking this year.

New FCF guide implies ~18% FCF yld. Initial 2026 comments also encouraging.

GM our top pick ($92 tgt).”

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