General Motors price target raised to $38 from $33 at Wells Fargo

Wells Fargo raised the firm’s price target on General Motors (GM) to $38 from $33 and keeps an Underweight rating on the shares. The firm notes GM’s shares rose about 10% after reiterating plans to buyback about 100M shares. Q3 EPS beat and gross margin raised full year EBIT guide, Wells adds. The firm still sees price, volume and BEV mix risk-all issues impacting the low implied Q4 guide. Warranty is a new concern, Wells says.