GM - Expected Beat & Raise But Strong '27; MBLY – STLA Award Small... Confidence in Robotaxi Key

研报英文原文证据摘录

GM - Expected Beat & Raise But Strong '27; MBLY – STLA Award Small... Confidence in Robotaxi Key

Wolfe Research Auto Daily

GM - Expected Beat & Raise But Strong '27; MBLY – STLA July 22, 2026

Award Small... Confidence in Robotaxi Key

The Wolfe Byte

In today's Wolfe Autos Daily: 1) GM delivered well-expected in line Q2 results + FY26 guidance raise & reaffirmed

LT mgn growth story w/ components of non-auto growth; 2) MBLY announces STLA autonomy award but, like

TSLA, ongoing Robotaxi initiatives remain key.

GM – Well-Expected Beat & Raise, But Strong 2027+ Trajectory

Yesterday’s positive market reaction to GM’s solid but well-anticipated beat and raise in our view reflects investors’

increased confidence in its earnings trajectory, on the back of consistent pricing and cost execution. And while GM’s

raised 2026 guidance only matched our and auto specialists’ high ingoing expectations, management also committed to

continued earnings and FCF growth in 2027+, driven by multi-year revenue and cost levers, starting with material pricing

and mix tailwinds from the upcoming launch of its redesigned pickups. We see a solid path to 2026 EBIT of $15bn (with

2H heavily weighted to 3Q), growing to $16bn+ in 2027. FCF in the $10-12bn per year should enable ~$6bn of share

buyback this year, and considerably more in 2027, supporting the stock, and boosting 2027 EPS towards ~$16. All in,

GM remains our favorite OEM stock and we reiterate OP. Based on pro forma 2027 EPS of $15.78, applying a 6x multiple

supports a $95 stock, with further upside should GM close part of the valuation gap w/ F’s 8.5x. We also view GM’s

positive stock reaction despite only meeting high expectations from autos specialists as an encouraging sign investors