GM Stock Near Record Highs After Wave of Upgrades: Price, Forecast & Outlook for General Motors (NYSE: GM)

General Motors Company (NYSE: GM) stock has ripped higher into December 2025, breaking through a series of fresh highs as Wall Street turns more bullish on the Detroit automaker. Since November 21, 2025, GM shares have climbed roughly 15%, capping a rally that has delivered around 40–60% gains over the past year, depending on the time frame used. ^[1]

This article summarizes the key news, forecasts and analyses published from November 21, 2025 through December 11, 2025 and explains what they may mean for GM stock going forward.

GM Stock Performance Since November 21, 2025

On November 21, 2025, GM closed at $70.33 after trading between $68.19 and $70.53, with volume just over 10.8 million shares. ^[2]

GM-focused outlet GM Authority described the week of November 17–21 as “stable,” with the stock essentially consolidating recent gains and ending that week around the low $70s. ^[3]

From there, the rally resumed:

Week of Nov. 24–28, 2025 – GM stock climbed about 5% for the week, reaching what GM Authority called a record high for the period. ^[4]
A Ford-focused site noted that GM shares peaked around $73.10 that week, calling it the highest price in the company’s history at that time. ^[5]
By Dec. 1, 2025, GM had pushed on to a new 10‑year high, trading in the upper $70s intraday, according to Barchart’s recap of the move. ^[6]
On Dec. 9, 2025, MarketBeat reported GM hitting a new 12‑month high, touching $77.35 intraday and closing just under $77. ^[7]
On Dec. 10, 2025, MarketWatch data showed GM jumping 4.72% to close at $80.80, setting a new 52‑week high and marking a second straight strong session. ^[8]

TipRanks similarly reported that GM “recently hit an all‑time high of $80.80” after a nearly 5% gain in the latest session, noting that the stock has risen more than 60% over the past six months. ^[9]

Another data provider, Investing.com, highlighted an earlier all‑time high around $78.04, with GM up about 49.8% over the past year and roughly 58% over six months. ^[10]

As of the afternoon of December 11, 2025, real‑time quotes show GM trading a little above $80 per share (around $80.9), keeping it close to those record levels. ^[11]

From the $70.33 close on November 21 to roughly $80.9 now, GM stock has advanced by about 15% in three weeks, on top of a powerful multi‑month move.

The Fundamental Story Behind GM’s Rally

1. A “Beat and Raise” Earnings Story With Tariff Relief

Although the big price surge has happened since late November, much of the underlying thesis was laid in October.

On October 21, 2025, GM reported Q3 adjusted earnings per share of $2.80, easily topping analyst expectations around $2.31, on revenue of about $48.6 billion. ^[12]

At the same time, the company:

Raised its annual adjusted core profit forecast to a range of $12.0–$13.0 billion, up from its prior estimate of $10.0–$12.5 billion. ^[13]
Lowered its estimated tariff hit for the year to $3.5–$4.5 billion from a previous $4–$5 billion. ^[14]

Reuters reported that GM shares surged about 15% in a single session, the best day in nearly six years, on this combination of stronger profit guidance and reduced tariff pressure. ^[15]

In other words, by late October, the market had already pivoted toward seeing GM as:

More profitable in the near term than previously expected
Less exposed to tariff damage than feared
Willing to take painful steps (like EV write‑downs and capacity cuts) to protect margins

The rally since November 21 has essentially extended that repricing.

2. A “Smart Scaling” Shift in EV Strategy

GM’s electric‑vehicle strategy has been a major overhang—and a major opportunity.

A detailed October 29, 2025 analysis in The Milli Chronicle described how GM is recalibrating its EV production to balance long‑term growth with near‑term profitability. Key moves include: ^[16]

Consolidating its Detroit EV plant to one shift starting January, affecting about 1,200 jobs but aligning output with demand.
Announcing a six‑month pause in battery cell production at joint‑venture plants in Tennessee and Ohio starting in early 2026 to upgrade manufacturing systems and integrate new technologies.
Reiterating its long‑term ambition of an all‑electric lineup by 2035, framing the changes as “smart scaling rather than overextension.”
Targeting reduced EV‑related losses by 2026, supported by an upgraded supply chain and new Ultium‑platform models.

The article notes that while EV demand has softened amid higher rates and policy changes, GM is trying to avoid overbuilding capacity, focusing instead on efficiency, cost reductions and readiness for the next wave of adoption. ^[17]

In parallel, GM has sharpened its battery strategy. A July 15 WardsAuto report confirmed that GM will begin producing lithium‑iron phosphate (LFP) cells at its Ultium Cells plant in Spring Hill, Tennessee, starting in 2027. ^[18]

According to that report, LFP batteries:

Are cheaper,
Offer longer cycle life and better thermal stability,
And avoid the use of cobalt and nickel, which carry environmental and ethical concerns. ^[19]

GM expects this shift to cut costs significantly on models like the Silverado EV, potentially by several thousand dollars per vehicle, and make mass‑market EVs more viable even as U.S. federal EV incentives fade. ^[20]

Taken together, investors increasingly see GM’s EV strategy as:

More disciplined and cost‑focused,
Less exposed to long‑gestation moonshots like robotaxis,
And better aligned with the reality of slower‑than‑expected near‑term EV adoption. ^[21]

3. Pullback From Loss-Making Robotaxis, Focus on Personal AVs

That shift away from speculative projects is especially clear in autonomy.

In December 2024, GM announced it would stop funding Cruise’s robotaxi development, folding most Cruise and GM tech teams into a single organization focused on advancing personal autonomous and assisted‑driving features instead. ^[22]

In early 2025, Reuters noted that GM had invested more than $10 billion into Cruise and expected to save about $1 billion by shutting down robotaxi operations and prioritizing technologies such as Super Cruise and future personal AV systems. ^[23]

Investors seem to welcome the move:

It reduces cash burn from an uncertain business model.
It allows GM to reuse Cruise know‑how in consumer vehicles, potentially boosting pricing and margins.
It fits a broader narrative of capital discipline that Wall Street analysts are now highlighting.

Wall Street’s View: Bullish Momentum, Cautious Targets

Despite the rapid appreciation in GM stock, analyst sentiment has actually become more positive since November 21, 2025—even though many price targets still lag the current share price.

Recent High-Profile Rating Changes

Several large banks have issued new or updated calls within the last few weeks:

Morgan Stanley
- Upgraded GM from Hold/Equal‑Weight to Buy/Overweight. ^[24]
- Raised its price target from $54 to $90. ^[25]
- The bank praised GM’s capital allocation, including a completed $10 billion accelerated share repurchase, and its renewed focus on profitable ICE and truck‑heavy segments amid a slower EV ramp. ^[26]
Goldman Sachs
- Maintained a “Buy” rating and increased its target from $81 to $93, a nearly 15% target hike announced on December 9. ^[27]
Evercore ISI
- Reiterated “Outperform” and raised its target from $68 to $74 on November 24, citing a better tariff backdrop and improved profit outlook. ^[28]
Wells Fargo
- Remains a notable bear: it kept a Sell/Underweight rating while nudging its target from $46 to $48, warning that GM’s cyclicality and tariff risk still justify caution. ^[29]

A widely cited TipRanks piece noted that the combination of the Morgan Stanley upgrade and the Goldman target hike helped fuel the latest surge to all‑time highs, even as Wells Fargo’s negative stance failed to dent bullish sentiment. ^[30]

Consensus Ratings and Price Targets

Different data providers now show a broadly positive—but not euphoric—consensus:

MarketBeat
- Counts 23 Wall Street analysts covering GM.
- Consensus rating: “Moderate Buy”, with 3 Strong Buys, 14 Buys, 4 Holds and 2 Sells. ^[31]
- Average 12‑month price target: $73.57, with a high of $100 and a low of $36, implying about 9% downside from a price around $81. ^[32]
StockAnalysis
- Based on 20 analysts, consensus rating is “Buy”.
- Average target: $72.50, again below the current price, representing a forecast ~10% decline from around $80.9. ^[33]
TipRanks
- Shows a “Moderate Buy” consensus based on 15 Buys, 2 Holds and 1 Sell, with an average target of about $77.06, roughly 4–5% below current levels. ^[34]
GuruFocus
- Aggregates 29 analysts with an average target of about $73.39, implying mid‑single‑digit downside vs. the mid‑$70s at the time of publication.
- Describes the average brokerage recommendation as roughly “Outperform” on a 1–5 scale (1 = Strong Buy). ^[35]

Put simply:

Analysts broadly like GM, but the stock has run ahead of many of their models.

The recent upgrades and target hikes help explain the latest price strength, but consensus targets haven’t fully caught up with the share price above $80—yet.

Fresh Third-Party Analysis: Is GM Overvalued or Still Cheap?

Simply Wall St: Slightly Overvalued, But Still at a Discount to Peers

A December 10, 2025 analysis from Simply Wall St framed the valuation debate this way: ^[36]

GM’s 90‑day share‑price return is about 31%, and its 1‑year total shareholder return is near 50%.
Their “most popular narrative” fair value estimate is about $76 per share, versus a recent close of $77.16—roughly 1–2% “overvalued” on that model.
At the same time, GM’s price‑to‑earnings ratio (~15.1x) remains well below the peer average (~24.9x) and below what they estimate as a “fair” sector multiple (~20.9x).

In other words, on Simply Wall St’s numbers GM is:

Slightly expensive relative to its own modeled fair value,
But still cheap relative to other global automakers on earnings multiples. ^[37]

The analysis also highlights ongoing risks, including tariff uncertainty and high warranty costs, which could prevent GM from fully realizing the richer valuations implied by its improving outlook. ^[38]

24/7 Wall St: Fundamentally Bullish on the Business, Bearish on the Stock

24/7 Wall St offered a more cautious price forecast on November 30, 2025. Key points: ^[39]

GM’s year‑to‑date gain sits around 41.7%, and its dividend yield is about 0.82%, or $0.15 per quarter at recent prices.
The authors acknowledge GM’s improved guidance: in the Q4 2024 call the company had projected 2025 net income of $11.2–12.5 billion and EPS of $11–12, up sharply from 2024. ^[40]
They see key growth drivers in EVs, partnerships (including Cruise robotaxis and Uber), and R&D in AI‑driven advanced driver‑assistance systems. ^[41]

However, their base‑case forecast is much more conservative than Wall Street’s:

24/7 Wall St’s year‑end 2025 target for GM is $55.98, implying more than 20% downside from the time of writing. ^[42]
They cite class‑action risks, data‑privacy concerns, and a tougher policy stance on EVs under the Trump administration as factors that could weigh on the stock. ^[43]

Their long‑term projection out to 2030 envisions modest EPS growth but a much lower share price than today, effectively arguing that the current rally may be overextended. ^[44]

Quant & Algorithmic Forecasts

Quantitative and algorithmic forecasting platforms give a mixed, and highly speculative, picture:

CoinCodex shows near‑term model outputs such as a 5‑day projection in the mid‑$70s and 1‑month projection around $80, but a 3‑month forecast dropping toward the mid‑$50s, underscoring how volatile purely technical models can be. ^[45]
Other long‑term forecast sites (PandaForecast, TradersUnion and similar services) publish numerical paths for GM into 2026 and beyond, but these are based on proprietary formulas rather than fundamental research and should be treated more as scenario generators than hard predictions. ^[46]

These quant tools mostly agree on one thing: high uncertainty around where GM trades in 6–18 months.

Sector Tailwinds: Domestic Auto Demand and Policy

GM’s rally isn’t happening in a vacuum.

A December 11 Zacks analysis, republished via Finviz, argued that the U.S. domestic auto industry is set for renewed momentum, citing: ^[47]

More affordable EVs coming to market,
Tariffs that may limit foreign competition, particularly from Chinese automakers,
And a proposed “One Big Beautiful Bill Act” from the Trump administration, which would allow buyers of U.S.-assembled vehicles to deduct up to $10,000 of interest on auto loans from taxable income.

S&P Global data cited in that piece projects U.S. auto sales of roughly 16.1–16.2 million units in 2025, up from 15.98 million in 2024. ^[48]

Within this context, Zacks highlights GM as one of three domestic auto stocks to watch, noting that: ^[49]

GM held about 16.5% of the U.S. auto market in 2024,
Demand for its pickups and SUVs remains strong,
The company is gaining momentum in software and services as a growth driver, and
GM currently carries a Zacks Rank #1 (Strong Buy), with 2025 and 2026 EPS estimates revised upward in recent days and an average earnings surprise near 9% over the last four quarters.

That broader backdrop—strong domestic demand, policy support for U.S. manufacturing, and GM’s entrenched share in full‑size trucks and SUVs—helps explain why analysts are comfortable upgrading the stock even after a big run.

Key Risks Investors Are Watching

Even as GM stock tests new highs, recent coverage consistently points to material risks:

Tariff and Policy Volatility
- GM still faces billions in tariff costs, even after the latest guidance cuts the expected hit. ^[50]
- Future changes in trade policy, credits for domestic production, or EV incentives could quickly alter profitability.
Slower EV Adoption and Execution Risk
- GM has already taken a $1.6 billion charge related to EV strategy changes and acknowledged that near‑term EV adoption is “lower than planned.” ^[51]
- While “smart scaling” may protect margins, it also risks ceding ground in fast‑growing EV segments if competitors ramp more aggressively.
Warranty Costs and Product Quality
- Reuters and Simply Wall St both flag warranty and quality issues as a continuing drag on margins and a potential reputational risk. ^[52]
Legal and Data-Privacy Issues
- 24/7 Wall St explicitly cites class actions and concerns over data harvesting and transmission as a reason for its bearish price targets, suggesting that regulatory or legal outcomes could weigh on valuation. ^[53]
Cyclicality and Macro Shocks
- GM’s business remains deeply tied to the economic cycle; a downturn in employment, credit availability or consumer confidence could quickly hit volumes, especially in higher‑ticket trucks and SUVs. ^[54]

What to Watch Next for GM Stock

Looking ahead into 2026 and beyond, the recent wave of analysis suggests several key checkpoints for GM investors:

Margin Follow‑Through – Can GM deliver on its higher 2025 profit forecasts and show sustained margin expansion as EV losses shrink and tariff offsets kick in? ^[55]
EV Profitability Milestones – Progress on LFP battery production, Ultium platform cost reductions and the restart of paused battery lines will be critical to proving that GM’s EV business can generate attractive returns. ^[56]
Capital Returns – GM has already executed a $10 billion accelerated share repurchase and raised its dividend modestly; analysts will watch whether continued cash generation supports further buybacks or dividend hikes without compromising investment in future technologies. ^[57]
Analyst Target Revisions – With the stock already trading above most current 12‑month price targets, the next round of updates could either validate the rally (via higher targets) or introduce a ceiling if targets remain static. ^[58]

For now, the consensus message from the post‑November 21 news flow is:

GM has executed a major turnaround in sentiment, driven by strong earnings, disciplined EV and autonomy strategy, and favorable domestic demand—yet the share price may already reflect much of that good news.

Final Thought (and a Quick Disclaimer)

GM’s sharp move since November 21, 2025, is supported by real fundamental improvements and a clear strategic reset, not just hype. However, the latest analyses also underscore that:

The easy money may have been made in this rally phase, and
Future returns are likely to depend on how well GM navigates policy swings, EV adoption, and execution on its “smart scaling” plan.

References

GM Stock Near Record Highs After Wave of Upgrades: Price, Forecast & Outlook for General Motors (NYSE: GM) – December 2025