General Motors shares rose as much as 3.1 percent and closed 2.1 percent higher after banks resumed coverage of the automaker with high marks for its strong post-bailout balance sheet and its position in emerging markets.

The positive ratings come just six weeks after the automaker — one-third owned by taxpayers — returned to the New York Stock Exchange in the largest initial public offering in history, about $23.1 billion. Its record is $35.99, reached on its first day of trading, Nov. 18.

Shares closed at $35.32 after hitting an intra-day high of $35.67, up 3.1 percent.

Morgan Stanley set the highest 12-month target price among the firms issuing reports, at $50 per share, while JPMorgan started its coverage with an “overweight” rating and set a price target of $44 per share by next December.

Barclays Capital also rated the company “overweight” and set a price target of $42 per share. Credit Suisse set a 12-month price target of $43 and called for GM shares to “outperform” in its rating resumption.

Barclays said GM is “relatively attractive” for three reasons — strong positions in emerging markets China and Brazil; healthy earnings in North America due to price discipline; and the view that even a conservative estimate of its financial position suggests a $42 per share price target.

JPMorgan sees the “potential for significant additional appreciations beyond year-end 2011.”

JPMorgan, like Barclays, cited GM’s good position in emerging markets including its No. 1 market share standing in both China and the overall BRIC (Brazil, Russia, India, China) nations.