On July 27, General Motors rose 3.05% in pre-market trading, trading at $85.16/share, with turnover of $1.7519 million.

On the news front, Jefferies upgraded General Motors from Hold to Buy and raised its price target from $90 to $99. According to FactSet, the stock now carries an average analyst rating of Overweight with a mean price target of $101.48. Simultaneously, the company's software and services business drew market attention, with OnStar generating $800 million in single-quarter revenue and subscription gross margins reaching 70% — far exceeding the approximately 4 cents per dollar earned from traditional vehicle sales. The company expects OnStar subscribers to approach 13 million by year-end, while Super Cruise autonomous driving assistance at $39.99/month shows strong paid conversion rates after free trial periods.

The upgrade follows a strong Q2 earnings report released on July 21, where adjusted EPS of $3.57 beat expectations by approximately 11.6% and adjusted EBIT rose 29.8% year-over-year to $3.9 billion. Multiple institutions including JPMorgan ($120 target), TD Cowen ($132), and RBC ($100) subsequently raised their price targets, reinforcing bullish momentum.

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