Mizuho Increases GM’s Price Target to $105

Mizuho analyst Vijay Rakesh raised on January 28, 2026, the price target on General Motors to $105 (from $100) while maintaining an ‘Outperform’ rating.

“GM reported inline 4Q25 with Rev/EPS of $45.3B/$2.51 (cons. $44.6B/$2.65), with wholesale volumes ~937K units (dn ~10% y/y vs. global 4Q LVP up ~4%).

Key Highlights

1. Good 2026E EBIT/EPS guide to $14.0B/$12.00 ABOVE cons. $12.3B/$11.79 and Capex at $11B,
2. GM noted N.Am ICE wholesales flat to up modestly y/y (better than 2026E N.Am. SAAR ~16M, down ~4% y/y) with 2026E NA ASP noted flat to up 0.5% as we estimate 2026E ASP up ~1% y/y,
3. 2026E headwinds with $3.5B tariffs, ~$1.25B commodity/DRAM inflation/FX, and $1.25B on-shoring/software costs partially offset by improving EV losses, warranty, mix, and
4. GM Reiterated NA EBIT 8-10% target with L-T catalysts Eyes-off ADAS in 2028E and software.

Maintain Outperform rating, raise estimates, PT to $105 from $100.

We remain positive with reduced tariff burden/risk, improved profitability, and ICE SUV/pickup on-shoring tailwinds through C26E+.”

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