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RBC Capital has reduced its price target for General Motors (NYSE:GM) to $98 from $102, while keeping an Outperform rating. The firm based this decision on General Motors' solid third-quarter results, which showcased a significant expansion of GM North America margins compared to the previous year. The stock has experienced a 7.2% decline over the past week, currently trading at $76.49 with a market capitalization of $67.09 billion.

The company announced a $20 billion share buyback program, which RBC Capital sees as a strong demonstration of management's confidence in the earnings trajectory. They also noted that the buyback supports a robust 21% free cash flow yield. However, InvestingPro's Fair Value analysis indicates that the stock may be slightly overvalued at the current level.

While RBC Capital has lowered its price target by $4, citing strong buyback activity, they adjusted General Motors' 2027 expectations downward by approximately $1 billion due to rising commodity and logistics cost inflation. This brings the adjusted EBIT estimate only slightly above last year's performance. The firm advised investors to buy the stock on weakness.

In another recent development, General Motors reported third-quarter 2026 earnings, beating Wall Street expectations with adjusted earnings of $3.70 per share on revenue of $50.02 billion. This represents a 3% increase in revenue compared to the same period last year, despite rising cost pressures. Other analysts, such as UBS and Morgan Stanley, have also lowered their price targets for General Motors, citing headwinds from commodity costs and a cautious outlook for 2027.