Yahoo Finance How to Find Strong Buy Auto, Tires and Trucks Stocks Using the Zacks Rank
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Should You Buy #1 (Strong Buy)-Ranked General Motors (GM) for Your Portfolio?
General Motors was upgraded to the Zacks Rank #1 list on May 9, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
One of the world’s largest automakers, General Motors held the largest share of the U.S. auto market at 16.2% in 2023. Headquartered in Detroit, the auto giant has had a long and checkered history. Founded in 1908, the company rose to dominate the U.S. industry. However, hit by the financial crisis, General Motors filed for bankruptcy on Jun 1, 2009. Just within 40 days, the firm emerged from bankruptcy. In 2010, the company launched its IPO – the biggest in U.S. history at that time – and has been steadily profitable since then. From going bankrupt in 2009 to becoming one of the world’s best-run car companies, General Motors has indeed come a long way.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.40 to $9.40 per share. GM also boasts an average earnings surprise of 17.8%.
Earnings are expected to grow 22.4% for the current fiscal year, while revenue is projected to increase 1.7%.
Even more impressive, GM has gained in value over the past four weeks, up 2.5% compared to the S&P 500's loss of 0.3%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, General Motors could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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