: General Motors stock up 1.2% premarket after Mizuho upgrades to buy now that UAW strike is over

General Motors Co.’s stock GM rose 1.2% in premarket trade Monday, after Mizuho upgraded the stock to buy from neutral and said the car maker has several catalysts for a move higher now the UAW strike is over. These include that estimated costs of wage increases of about $1.5 billion in 2024 will be fully offset by planned cost cuts totaling about $2 billion; the refreshed electric vehicle strategy is focused on profitability; the company is pausing investments in its money-losing Cruise self-driving business; 2024 should see improved production without the interruption caused by strikes; and the company’s $10 billion share buyback will cover about 10% of shares outstanding over 12 months. Analysts raised their stock price target to $42 from $38. The stock has fallen 3.8% in the year to date, while the S&P 500 SPX has gained 19.7%.

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