GM shares gains 4% in moring trading.
General Motors’ push into electric vehicles and software will make Wall Street view it more as a tech company, and that will create a windfall for investors, according to investment firm Wedbush.
Shares of the legacy automaker have jumped more than 34% this year, fueled by a rollout of new plans to shift the company quickly to electric vehicles. The stock has lost steam in the last three months, however.
Wedbush analyst Dan Ives said in a note to clients on Thursday evening that the stock still had significant upside and initiated coverage of GM with an outperform rating.
Wedbush set a price target of $85 per share for GM, which is roughly 52% above where the stock closed on Thursday.
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