General Motor Company GM traded higher into Wednesday’s open after the company presented better-than-expected financial results and raised its 2023 outlook.

The Detroit-based company reported fourth-quarter revenue of $43.1 billion, which beat the median analyst estimate of $40.65 billion, according to Benzinga Pro. For the year, GM said sales were up 23.4% to $156.7 billion.

Here’s what analysts have to say about GM’s upbeat earnings report.

See also: General Motors faces a ‘breakout year’

Goldman Sachs: Mark Delaney maintained a buy rating on General Motors but lowered the price target to $42 from $46.

Delaney noted that while GM reported stronger-than-expected fourth-quarter results, the company isn’t out of the woods just yet. The analyst noted that despite GM’s projections leading up to Street estimates, the company faces price and mix headwinds, as well as increased competition in the electric vehicle industry.

General Motors is targeting an EV EBIT margin in the low to mid-single digits by 2025, with the next 12 to 18 months being a key demonstration of the strategy, Delaney noted.

Wedbush: Dan Ives maintained an outperform rating on General Motors and raised the price target to $46.

Ives mentioned that the company has outperformed in both North American and international markets. For 2023, GM expects continued strong demand and has provided guidance that beats Street’s expectations for adjusted EBITDA and adjusted EPS.

The automaker also plans to continue its EV transition with 9 new models to be launched in 2023 and a target of 400,000 Bogey units in EV production from 2022 to 1H24, the analyst said. GM’s strong performance and leadership point to a renaissance in EV growth for the company.

Morgan Stanley: Adam Jonas maintained an equal weight rating on General Motors but raised the price target to $35 from $32.

The investment bank said while General Motors has plans to improve its profitability and efficiency through its use of capital, be it…