General Motors price target raised to $38 from $34 at Wells Fargo

Wells Fargo analyst Colin Langan raised the firm’s price target on General Motors (GM) to $38 from $34 and keeps an Underweight rating on the shares. The firm notes shares fell about 8% as many took profit going into a weaker second half of the year, while investors questioned their ability to maintain relative pricing after Q2 pricing was down. The second half of the year comes with lower volume and tough pricing comparable sales on the new launches last year, plus IRA goes away, Wells adds.