General Motors Is Already Up 22% In 2024. 1 Wall Street Analyst Thinks It'll Run Even Further
Near-term concerns about electric car sales are mounting. While the electric vehicle (EV) market in the U.S. is still growing, the pace of growth has slowed considerably due to higher interest rates, concerns about public charging, and increased consumer interest in gasoline-electric hybrid vehicles.
With that backdrop, Mizuho Financial Group cut its ratings on several pure electric vehicle makers late Sunday. But at the same time, it boosted its price target for General Motors (NYSE: GM).
In a note downgrading several EV makers, Mizuho analyst Vijay Rakesh wrote that while he thinks widespread EV adoption is likely in the long term, there are near-term concerns about consumer demand for purely electric vehicles. The bank's analysts recently cut their forecast for EV sales growth in 2024 to 15% from 25%, he wrote.
Source Fool.com
