Benchmark raised its price target on General Motors to $90.00 from $65.00 on Tuesday and kept a Buy rating on the shares. The new target sits above GM's most recent market price of $80.63, although market data indicates the stock is trading above its Fair Value estimate.
The firm said the boost to its valuation reflects "stronger-than-anticipated execution in 2025." Benchmark pointed to several operational and strategic elements that supported the move. Those factors include disciplined pricing actions, continued mitigation of tariffs, a more measured electric vehicle cadence and a steady rebuilding of North American margins.
Benchmark emphasized that management has delivered on multiple milestones that underpin equity returns. The research note detailed improvements in cost discipline, an improved product mix and an accelerating narrowing of losses in the electric vehicle business. Collectively, those elements have supported what Benchmark described as "consistently robust automotive free cash flow," which reinforces its long-term Buy view on the automaker.
Benchmark highlighted the magnitude of the target change: the new $90 level represents a 38.5% increase from the previous $65 target set earlier. The firm framed this adjustment as a reflection of realized operational improvements rather than a change in macro assumptions.
The firm also observed that the stock has performed strongly in public markets during the period of execution improvement, noting a 75% price return over the past year and a 51% gain over the last six months. Those gains have occurred alongside the company's operational progress.
Recent quarterly results add further context. General Motors reported fourth-quarter 2025 adjusted earnings per share of $2.51, beating analyst expectations of $2.24. That outperformance on EPS came even as the company fell short on revenue in the same quarter. Benchmark and other market participants are watching how profit recovery and revenue trends reconcile as GM continues to reposition its business.
Analysts across firms have been monitoring the automaker's financial trajectory and some have adjusted outlooks since the results were published. The reports noted that specific details on subsequent analyst upgrades or downgrades were not provided in the public summaries, leaving the full market reaction subject to further disclosure.
From a product and operations perspective, Benchmark's commentary underlines two themes relevant to investors evaluating GM. First, near-term pricing discipline and tariff mitigation can directly support margin recovery in North America. Second, a more rational cadence for EV launches helps reduce cash burn pressure as the EV business transitions from heavy investment to a focus on profitability.
Benchmark's note and GM's quarterly results form part of a sequence of updates investors are tracking as they evaluate the company's ability to sustain margin improvements, manage EV losses and convert automotive free cash flow into shareholder returns.
Investors should weigh the upgraded target and Buy rating against current market pricing, performance metrics and the company's ongoing execution on the operational priorities highlighted by Benchmark.