General Motors is a ‘raging bull’ opportunity in autonomous car space: Citigroup

Elijah Nouvelage | Reuters

A woman gets in a self-driving Chevy Bolt EV car during a media event by Cruise, GM’s autonomous car unit, in San Francisco, California, U.S. November 28, 2017.

General Motors is a leader in the future autonomous vehicle network space, according to Citigroup, spelling a “raging bull” case for the automaker.

Though analyst Itay Michaeli believes the automaker’s shares could nearly double to $70 over the next 12 months, he argued that the stock could soar to $134 over the long term as autonomous vehicle technology networks become commonplace.

“We believe General Motors remains an underappreciated leader in the future autonomous vehicle network space,” Michaeli wrote Sunday. “Establishing large autonomous vehicle subscriptions, even as a substitute to traditional leasing, could become a major profit enhancer for low-margin segments like cars and even crossovers.”