The highly-anticipated CES 2022 event kicks off today, running through the end of this week. The tech filled-show boasts over 2,200 exhibitors and will showcase many innovations. At the show, General Motors (NYSE:GM) is set to debut its Chevrolet Silverado electric pickup truck to much fanfare. However, retail investors and EV fans aren’t the only ones excited about GM’s new truck. Acclaimed Wedbush analyst Dan Ives believes the unveiling of the electric Silverado will start a “renaissance of growth for GM with 2022 a pivotal year ahead as this green tidal wave plays out globally.”
As of now, details and specifications for the new Silverado E are scarce. However, the truck is expected to run on the Ultium EV platform. The Ultium EV is GM’s modular platform that uses its proprietary Ultium battery. The battery can provide at least 400 miles of range per change and is designed for fast charging.
While GM already has the electric Hummer truck on the market for $80,000, investors are expecting a lower price tag for the Silverado E. Moreover, investors think the Silverado E will compete with Ford’s (NYSE:F) F-150 Lightning, Rivian’s (NASDAQ:RIVN) R1T and Tesla’s (NASDAQ:TSLA) Cybertruck. Initial expectations for the Silverado E may be high, as Ford recently announced that it would almost double its production output of the F-150 Lightning.
With that said, investors are wondering how the experts on Wall Street feel about GM stock’s new venture. Let’s dive right in.
GM Stock: Will the Silverado E Lift General Motors?
- Citi analyst Itay Michaeli has a price target of $96. Michaeli believes several catalysts for GM stock are at play. These include the Ultium EV platform, the new Silverado truck and the Factory Zero plant. Michaeli added that “GM remains our top pick, with a long-term upside case to ~$200/share.”
- Wedbush analyst Dan Ives has a price target of $85. Ives commented that the unveiling of the Silverado E could start a valuation re-rating for the legacy automaker. Furthermore, Ives believes the “game-changing” Ultium EV platform offers a “potential gold mine” for General Motors that could bring in $20 billion of revenue over the next 5-7 years. To sum it up, the analyst is extremely optimistic on GM stock and adds that “We believe in a bull case scenario GM’s stock could hit $100 over the next 12 to 18 months as the EV vision begins to take shape.”
- Goldman Sachs analyst Mark Delaney has a price target of $59. The price target was made in late September and represents supply chain challenges. Additionally, Goldman estimates that 2022 global auto production will be 85 million, down from its previous estimate of 90 million.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.