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DATE News (chronologically)
12/29/10
automotive
GM stock hits $35.32 per share
A group of Wall Street analysts enthusiastically resumed coverage of General Motors stock on Tuesday -- sending the stock to its highest closing price since the automaker emerged from bankruptcy and returned to the New York Stock Exchange on Nov. 18.

The reasons for owning General Motors stock vastly outweigh the risks, the analysts wrote in a flurry of reports that helped GM's stock close at $35.32 per share -- 72 cents, or 2%, higher than its close on Monday.

"GM offers an attractive 12-18-month investment opportunity," said Credit Suisse analyst Christopher Ceraso, who opened coverage by giving GM an "outperform" rating and a $43 price target. Outperform means Credit Suisse thinks GM's stock will do better than the rest of the industry over the next 12 months.

Ceraso was one of seven analysts whose firms resumed coverage of GM on Tuesday with price targets ranging from $38 to $50.

Analysts at banks that underwrote GM's initial public offering in November were barred from initiating coverage on the company for 40 days after the stock started trading.

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