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GE

General Electric

$12.25

-0.04 (-0.33%)

13:54
10/15/18
10/15
13:54
10/15/18
13:54

Barclays remains bullish on GE, says earnings date push-back 'not a negative'

In a research note this morning, Barclays analyst Julian Mitchell told investors he does not see the push-back of General Electric's (GE) earnings date to October 30 from October 25 as a negative, as he believes it increases the likelihood of the company's new CEO will be able to provide more thorough "forward looks," rather than "simply discuss historical financial results." NEW Q3 RELEASE DATE: General Electric announced on Friday that it has moved the date of its third quarter earnings release and webcast to October 30 from October 25 to allow new chairman and CEO Larry Culp to complete his initial business reviews and site visits following his appointment on October 1. NOT A NEGATIVE: Commenting on the announcement, Barclays' Mitchell told investors that he thinks the push-back of the earnings date increases the likelihood that Larry Culp will be able to provide more thorough "forward looks" and initial thoughts, rather than "simply discuss historical financial results." While he acknowledged that the news likely creates selling pressure, the analyst does not view the push-back as negative. Since the CEO change and his rating upgrade to Overweight on October 8, Mitchell has discussed General Electric with more than 70 institutions. Many arguments he hears are variations on two themes, namely that many of GE's assets are in fact liabilities and that Power has a very bleak future, forever. Given the complexities of the GE balance sheet, and the "shocking" magnitude of the company's mis-calculations, the analyst believes concerns over its assets are "understandable." However, Mitchell has seen many examples where a company's net debt/EV calculations become "swollen by unwanted guests" when the share price is under pressure, and these visitors somehow disappear from calculations once conditions improve. Regarding Power, while acknowledging that it is "not thriving," he questions how much downside is really left "after $7B of EBIT has evaporated, free cash is very negative, a $20B write down has been announced, and potentially one third of the headcount could be cut." Overall, timing the share price impact of a reset is extremely difficult, he contended, noting that everyone he speaks to expects a huge dividend cut and an equity raise. While Mitchell sees this potentially creating "a wave of selling pressure," he pointed out that it may prove short-lived. The analyst reiterated an Overweight rating and $16 price target on GE shares. PRICE ACTION: In afternoon trading, shares of General Electric have dropped almost 1% to $12.22.

GE General Electric
$12.25

-0.04 (-0.33%)

10/12/18
FBCO
10/12/18
INITIATION
FBCO
Outperform
EE, MI Sector initiated with Opportunistic View at Credit Suisse
Credit Suisse analyst John Walsh initiated the U.S. Electrical Equipment and Multi-Industry Sector with an Opportunistic View, telling investors in a research note that he believes at this point in the cycle stock appreciation will be driven by earnings growth and capital allocation. He is most positive on energy-related and non-residential end markets while cautious on Fossil Power markets. Specifically, Walsh initiated Allegion (ALLE), Eaton (ETN), Ingersoll-Rand (IR), Lennox (LII), 3M (MMM) and Xylem (XYL) with Outperform ratings, Acuity Brands (AYI), Emerson (EMR), Flowserve (FLS), Fortiv (FTV), GE (GE), Honeywell (HON) and Johnson Controls (JCI) with Neutral ratings and Rockwell Automation (ROK) with an Underperform rating.
10/12/18
GDHS
10/12/18
INITIATION
Target $11
GDHS
Underperform
General Electric initiated with an Underperform at Gordon Haskett
Gordon Haskett analyst John Inch started General Electric with an Underperform rating and $11 price target. GE is going to take a "very long time to turn around, no matter who is at the helm," Inch tells investors in a research note. He believes it is not clear that incremental value is being created by the company's actions to shrink and shuffle its debt. Further, he believes the Power business is facing negative secular pressures that are helping to constrict cash flow.
10/12/18
FBCO
10/12/18
INITIATION
Target $14
FBCO
Neutral
General Electric initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated General Electric with a Neutral rating and $14 price target, telling investors in a research note that new CEO Larry Culp continues to simplify GE and says Aviation, the largest source of future earnings, continues to hold margin despite the LEAP ramp. However, Walsh notes that there is no easy fix for Power, as natural gas power markets are "fundamentally challenged."
10/11/18
UBSW
10/11/18
NO CHANGE
Target $13
UBSW
Neutral
General Electric may see more downside before climbing, says UBS
UBS analyst Steven Winoker said GE Capital continues to weigh on the shares of General Electric, but he believes that new CEO Larry Culp will work toward closing the balance sheet gaps through a combination of a deeper dividend cut, possibly of over 90%, and possibly a one-time capital raise to add some cushion for future investment. The analyst said turning the company around will take years, but he has every confidence that Larry Culp is the leader for the job. He said based on his valuation metrics, he could see near-term downside in the share before they begin climbing. Winoker maintained his Neutral rating and $13 price target on General electric shares.

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Boeing

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TC

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$2.58

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ARPO

Aerpio Pharmaceuticals

$0.47

-0.0352 (-6.97%)

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IBM

IBM

$134.10

-0.12 (-0.09%)

05:52
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TW

Tradeweb Markets

$41.50

-1.7 (-3.94%)

05:49
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  • 07

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SAP

SAP

$129.13

0.55 (0.43%)

05:49
10/21/19
10/21
05:49
10/21/19
05:49
Earnings
SAP still expects to grow non-IFRS total revenue to over EUR 35B.6B by FY23 »

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PTON

Peloton

$23.44

-0.41 (-1.72%)

05:47
10/21/19
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BA

Boeing

$344.09

-25.04 (-6.78%)

05:46
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SAP

SAP

$129.13

0.55 (0.43%)

05:45
10/21/19
10/21
05:45
10/21/19
05:45
Earnings
SAP continues to expect FY20 non-IFRS total revenue EUR 28.6B-EUR 29.2B »

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  • 21

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  • 19

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SAP

SAP

$129.13

0.55 (0.43%)

05:41
10/21/19
10/21
05:41
10/21/19
05:41
Earnings
SAP continues to expect FY19 revenue to 'increase strongly' »

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PBF

PBF Energy

$29.29

0.64 (2.23%)

05:39
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  • 31

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SAP

SAP

$129.13

0.55 (0.43%)

05:38
10/21/19
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05:38
Earnings
SAP reports Q3 non-IFRS EPS EUR 1.30 vs. EUR 1.14 last year »

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DANOY

Danone

$0.00

(0.00%)

05:32
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  • 12

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JBAXY

Julius Baer

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(0.00%)

05:30
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05:30
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DHR

Danaher

$138.08

0.31 (0.23%)

05:28
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SAP

SAP

$129.13

0.55 (0.43%)

, MSFT

Microsoft

$137.34

-2.34 (-1.68%)

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SAP

SAP

$129.13

0.55 (0.43%)

MSFT

Microsoft

$137.34

-2.34 (-1.68%)

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ALSMY

Alstom

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(0.00%)

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DANOY

Danone

$0.00

(0.00%)

05:25
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05:25
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  • 12

    Nov

HON

Honeywell

$165.61

-1.87 (-1.12%)

05:24
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BA

Boeing

$344.09

-25.04 (-6.78%)

05:23
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