Wall Street seems to be saying that all systems are go for GM stock, with several big banks initiating coverage of the stock this morning including J.P. Morgan, Citigroup, and Barclays Capital. The once bankrupt and delisted company returned to the markets this fall with a bang, recording the biggest IPO to date, raking in $23.1 billion.
The stock which was initially offered at $33, has been hovering between $34 and $35. Some analysts are very upbeat however, predicting that the stock could break $42 by the end of 2011.
“After a quick stint in bankruptcy, the primary outcome of which was a balance-sheet cleansing and the installation of new management and Board, we think GM offers an attractive 12-18 month investment opportunity,” Credit Suisse said in a report released today.
– By: Stephen Calogera
Source: Detroit News