General Motors shares close lower on Friday, Cruise appoints Gil West, former Delta Air executive, as Chief Operating Officer

Cruise, the self-driving unit majority owned by General Motors Co (GM), announced on Friday the appointment of Gil West, the former senior executive vice president and Chief Operating Officer at Delta Air Lines, as its new Chief Operating Officer.

General Motors shares closed lower for the fifth time in the past ten trading sessions in New York on Friday. The stock went down 0.60% ($0.26) to $43.06, after touching an intraday low at $42.31, or a price level not seen since January 6th ($41.91).

Shares of General Motors Company have risen 3.41% so far in 2021 compared with a 1.83% gain for the benchmark index, S&P 500 (SPX).

In 2020, General Motors’ stock went up 13.77%, thus, it underperformed the S&P 500, which registered a 16.26% gain.

“There will be no bigger shift in the transportation industry in my lifetime than the move to self-driving. I’ve been training my entire career for an opportunity like this one,” Gil West said in a statement, cited by Reuters.

Analyst stock price forecast and recommendation

According to CNN Money, the 15 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $51.00, with a high estimate of $72.00 and a low estimate of $40.00. The median estimate represents an 18.44% upside compared to the closing price of $43.06 on January 8th.

The same media also reported that at least 13 out of 17 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 2 – as “Hold”.

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