New Trade for May 19th, 2023

While the EV boom has been growing for years, 2023 could be the year electric starts to take over everything.  And it could happen much sooner than most people realize, with huge names like Amazon, United Airlines, and the U.S. Postal Service already on board.  

Legacy automakers are all making the shift too, rolling out their line of EVs one by one, which brings some interesting opportunities to invest in trusted, well-established names.  But which of these well-rooted automakers stands out from its peers in their endeavor to dominate the EV market?  

Read on to find out which legacy firm our team has its sights on.  

General Motors (GM)

Fundamentally, GM is firing on all cylinders. Most notably, the company made strong investments in the electric vehicle space. Further, by electrifying marquee models such as the Hummer, GM can feed nostalgia with current-generation technologies.  The automaker represents an attractive proposition for bargain hunters. Right now, the market prices GM at a forward multiple of 6.39. As a discount to earnings, General Motors ranks better than 84.18% of its competition. Wall Street analysts peg GM as a consensus moderate buy with an average price target of $45.50, implying 38% upside potential.

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