General Motors price target raised to $61 from $53 at Goldman Sachs

Goldman Sachs raised the firm’s price target on General Motors to $61 from $53 and keeps a Buy rating on the shares as part of a broader research note on U.S. Autos and Industrial Techs. The firm is lowering its forecast for U.S. SAAR to reflect weaker sales year-to-date as SAAR has averaged about 15.5M – which is up low single digits but below the mid single digit growth outlook that its prior forecast implied0 – as well as a decline in vehicle purchase intentions among lower-income consumers per surveys from HundredX, the analyst tells investors in a research note. The firm notes however that it is more positive on GM because of its longer-term profit opportunity, stating that it is one of the few auto stocks to outperform this year, driven by solid price-cost and capital allocation.