Traders are picking favorites in the auto space as the electric vehicle race accelerates.
Wedbush initiated coverage of GM with an outperform rating on Friday, saying the company stands to benefit from “a renaissance of EV growth in Detroit.”
GM is underperforming Ford year to date, up just 40% versus Ford’s 64% gain.
“Both of these stocks have had tremendous run-ups over the last 16 months,” more than 200% each, Newton said. “However, GM stands out to me as really being the clear favorite between the…