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Barclays analyst Brian Johnson raised his price target for shares of General Motors on Monday. He’s not the only analyst feeling better about GM these days.

GM stock is up more than 50% year to date, far better than the returns of the broader stock market. Investors are encouraged by increasing industry sales and pricing as well as GM’s plans to invest more in vehicle electrification. Johnson cited solid business execution as one reason for the target bump.

Johnson’s new price target for GM stock is $70, up from his previous target of $66. He rates shares Buy. The stock was down about 0.8% Monday to $62.90. The S&P 500, for comparison, was down 0.3% while the Dow Jones Industrial Average was off 0.4%.

Analysts envision bigger gains for GM stock from here. In June 2020, the average analyst price target for GM stock was less than $33 a share, implying a gain of about 7% from where the stock was trading. Today, the average analyst price target is more than $70 a share, implying gains of about 12% from recent levels. Analyst price targets are typically set by analysts to show what they think shares will reach over the next 12 months or what investors should pay for a stock today to earn a fair return in the future.

That would mean that analysts are more optimistic about GM’s stock than the average S&P 500 company. The average analyst target price for S&P 500 companies implies gains of about 7% over the next 12 months. About 100 companies have target prices below where stocks are currently trading.

GM stock remains very popular on the Street. More than 90% of analysts covering GM stock rate shares Buy. The average Buy-rating ratio for stocks in the S&P is about 55%.

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