General Motors stock appears to be in the midst of an end-of-the-year rally, and could see further growth in 2011, according to some key investment analysts.
The maker’s sudden surge reflects the fact that Wall Street is stepping up both its coverage of the new GM stock – and giving it a clear thumbs up, Credit Suisse, for one, projecting GM to “outperform” the overall market.
The maker’s shares jumped 2% on Tuesday, climbing 72 cents to $35.32. The really continues today, GM stock up another 54 cents just before the noon hour, at $35.86. And expectations could push things significantly higher.
“GM offers an attractive 12-18-month investment opportunity,” said Credit Suisse’s automotive analyst Christopher Ceraso.
The bank was one of eight to resume coverage of General Motors stock this week. Some served as underwriters of the GM IPO, meaning they were legally barred from covering or recommending the stock until 40 days after the initial offering.