American financial services company and multinational investment bank Morgan Stanley recently upgraded its outlook for GM stock value from Equal-Weight to Overweight.
According to a report from NASDAQ, the average one-year price target for GM was reported at $48.96 as of April 24th, 2023, an increase of more than 48 percent compared to a closing price of $33.04 reported for April 28th, 2023. Forecasts range between $30.30 and $90.30. GM has a projected annual revenue of $165 billion.
Late last month, GM announced a second quarter 2023 dividend in the amount of 9 cents per share on each share of outstanding common stock. The dividend will be payable Thursday, June 15th, 2023 to all common stock holders of record at the close of trading on Friday, June 2nd, 2023.
GM released its first quarter 2023 earnings report on April 25th, 2023, which was headlined by $2.4 billion in net income on $40 billion in revenue and EBIT-adjusted of $3.8 billion. The report indicates GM sold a total 1.384 million vehicles worldwide during the first quarter of the year, a decrease of 43,000 units compared to 1.427 million units sold in Q1 of 2022, or a decrease of 3 percent year-over-year. Compared to Q1 of the 2023 calendar year, GM’s U.S. sales increased 18 percent, while Chinese sales dropped 25 percent.
During the Q1 2023 earnings call, GM CFO Paul Jacobson said that the decline in Chinese revenue was the result of lower volume and pricing pressure, adding that the Chinese market was particularly challenging due to COVID-related impacts and regulatory changes.
Regarding the North American market, GM reported $32.8 billion in revenue, $3.8 billion EBIT-adjusted, and 707,000 vehicle deliveries.
GM updated its full-year 2023 guidance following the release of first-quarter 2023 results, increasing its 2023 earning guidance to a range of $11 billion to $13 billion, or roughly half a billion dollars higher than guidance released prior. The updated guidance also includes $6 to $7 EPS-diluted-adjusted and $5.7 billion to $7.5 billion in adjusted automotive free cash flow.