Jefferies expects management could raise full-year guidance, supported by healthy U.S. demand, improving warranty trends, a more disciplined EV strategy and steps to reduce its European manufacturing footprint. Jefferies also upgraded General Motors to Buy, raising its price target to $99 from $90 after the automaker's second-quarter earnings reinforced confidence that 2027 profitability and free cash flow will continue to improve. The brokerage expects GM to generate more than $10 billion in annual free cash flow from 2027, driven by new truck launches, efficiency gains and higher contributions from digital services. Jefferies believes GM's valuation remains attractive at roughly five times expected 2027 earnings, with additional share buybacks providing further support. Related articlesJefferies turns bullish on Ford, GM ahead of earnings, citing stronger marginsLVMH's Arnault denies reports of succession battle within familySeaport downgrades Warner Bros Discovery as merger delay clouds upside