08:05 AM EDT, 04/23/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $1 to $45, based on a '25 P/E of 5.0x, a justified discount to historical averages. We increase our adjusted EPS estimates to $9.70 from $8.80 for '24 and to $9.00 from $8.50 for '25. GM posts Q1 adjusted EPS of $2.62 vs. $2.21 (+19%), well ahead of the $2.11 consensus. The beat was driven by a stronger-than-expected top line, as revenue rose 7.6% to $43.0B ($1.2B above consensus) on higher prices, partially offset by a 2.5% sales volume decline. GM increased 2024 adjusted EPS guidance to $9.00-$10.00 from $8.50-$9.50 (current consensus = $9.02). While the beat and raised guidance were positives, we remain at a Hold on GM, as we think the company could lose additional market share in the near- and intermediate-term due to its lack of hybrid vehicle offerings and free cash flow will hampered by its massive planned capex (~$11B in 2024) and heavy spending related to EVs and battery cell development. GM's share repurchases slowed dramatically, from $10.0B in Q4 to only $280M in Q1.