General Motors upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded General Motors to Overweight from Equal Weight with an unchanged price target of $37. The analyst upgraded both Ford and General Motors citing “historically cheap” valuations, but prefers GM over Ford. The catalysts for both stocks include moving past the United Auto Worker strikes and 2024 estimates being “better than feared,” the analyst tells investors in a research note. The firm also upgraded its U.S. autos sector view to Positive from Neutral due to “depressed” valuations and positive earnings trajectories. Barclays prefers suppliers over the car makers.