Mizuho Lowers General Motors Price Target to $100

Mizuho analyst Vijay Rakesh lowered the price target on General Motors (NYSE: GM) to $100.00 (from $105.00) while maintaining a Outperform rating.

“GM reported good MarQ with Rev/EPS of $43.6B/$3.70 (cons. $43.4B/$2.60), wholesale Auto units ~899K, (down ~1% y/y better vs. LVP down 3%) and ATP up 3% y/y.

Key Highlights: 1) raised 2026E EBIT/EPS guide to $14.5B/$12.50, above consensus $12.3B/$11.79 (prior $14.0B/$12.00) with lower $3B tariffs (prior: $3.5B) from a ~$0.5B IEEPA tariff refund, 2) Inventory at ~47 days a tailwind into Q2/2H26 with 50-60 day targets, 3) EV restructuring completing by 2026E-end while 2026E NA ASP reiterated at flat-to-up y/y, 4) raised 2026E cost headwinds to $1.75B (prior $1.25B) with steel px potentially up >50% y/y, higher freight and memory cost, and 5) Reiterating NA EBIT 8-10% target as we see better warranty expense, stronger volumes with inventory replenishment.

Maintain Outperform, Adjust Est/PT to $100 (prior $105).

We remain positive on GM L-T with lower tariff costs and leadership in ICE SUV/pickups, despite N-T cost headwinds.”

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