11:11 AM EDT, 07/23/2024 (MT Newswires) -- General Motors ( GM ) Q2 results were "very strong" and came in "well above" consensus estimates for the top and bottom line, Wedbush said in a note to clients Tuesday.

The carmaker delivered the "best quarterly US sales since FY4Q20" and has a "heightened focus on bottom-line expansion," said Wedbush analysts, including Dan Ives.

"We believe the long-awaited turnaround for the GM story is now underway with stable pricing across its portfolio while focusing more on margins and capital efficiency and Barra & Co. driving this renaissance of growth into 2H24/2025," the note said.

Meanwhile, General Motors' ( GM ) announcement that it will pause production of the Cruise Origin autonomous vehicle will be a "relief for investors and also come along with a $600 million charge for this troubled unit," the investment firm said.

Wedbush kept GM's outperform rating, with a $55 price target.

Price: 46.35, Change: -3.21, Percent Change: -6.47