TD Cowen Reiterates Buy on General Motors, $132 PT

TD Cowen analyst Itay Michaeli reiterated a Buy rating and $132 price target on General Motors (NYSE: GM).

“GM SW EBIT Mix Poised To Double By ~2030; Suggests Upside To Our Street-High PT; Our refreshed GM SW/Services (OnStar & Super Cruise) model suggests SW/services EBIT mix doubling to ~30% by 2032 (>$5bln EBIT).

Two growth catalysts: (1) The 2028 launch of GM’s SDV 2.0 platform, including next-gen Super Cruise and L3; (2) New OTA features such as the recent Gemini update.

Our street-high $132 PT (9% ’27E FCF yld) doesn’t fully reflect these 2028+ opportunities. GM our Top Pick.”

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