Benzinga | Dec 30, 2021 08:43AM EST

Citi Bumps Up Price Targets For General Motors, Ford

* Citi analyst Itay Michaeli raised General Motors Co's (NYSE:GM) price target to $96 from $90 and kept a Buy rating on the shares.

* The analyst increased 2021 through 2023 earnings estimates to reflect "strong" Q4 trends as well as the company's prior positive Q4 pre-announcement.

* Michaeli expects GM to benefit from truck refresh and electric vehicle launches in 2023.

* The analyst said though the shares have underperformed since the recent departure of Cruise's CEO, GM's upcoming electric vehicle unveilings will likely be a positive catalyst for the stock.

* Michaeli also raised Ford Motor Co's (NYSE:F) price target to $23 from $20 and kept a Neutral rating on the shares.

* Michaeli maintained a "constructive stance" on Ford, saying the long-term risk/reward proposition "continues to improve."

* Price Action: GM shares are trading higher by 0.31% at $57.41, while F is down 0.29% at $20.50 in premarket on the last check Thursday.