Rising car prices should give an additional boost to Ford and General Motors shares, according to Barclays.

Increased demand for cars during the pandemic, as well as productions shutdowns due to the virus and supply chain issues, has pushed up the price of cars in the United States sharply over the past year.

Barclays analyst Brian Johnson said in a note to clients on Tuesday that prices still appear to be rising, and he hiked his price targets for both stocks.