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GE

General Electric

$7.93

0.19 (2.45%)

07:42
11/30/18
11/30
07:42
11/30/18
07:42

Deutsche, laying out 'realistic bear case,' cuts GE target to $7 from $11

Deutsche Bank analyst Nicole DeBlase thinks the key debates over General Electric can be boiled down to the trajectory of GE Industrial free cash flow and whether the company is headed for a liquidity crisis. In a new research report titled "Laying Out a Realistic Bear Case," the analyst walks through a new base and bear case free cash flow analyses. The bad news is that in the bear case, GE Industrial free cash flow remains in negative territory through 2021, DeBlase writes. The analyst built up a segment-by-segment bear case earnings model, which assumes continued declines at Power and modest downturns in Renewables, Aviation and O&G. The "good news," however, is that even in this "drastic scenario," the analyst does not foresee a liquidity crisis. Nevertheless, the analyst cut her price target for General Electric shares to $7 from $11 and keeps a Hold rating on the name. The stock closed yesterday up 20c to $7.94. DeBlase's price target relies on her base case, not her bear case. Her base case "embodies a more likely scenario," whereby an economic downturn does not happen through 2021.

GE General Electric
$7.93

0.19 (2.45%)

11/30/18
DBAB
11/30/18
NO CHANGE
Target $7
DBAB
Hold
General Electric price target lowered to $7 from $11 at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase lowered his price target for General Electric to $7 from $11 and keeps a Hold rating on the shares after laying out what she believes to be a "realistic bear case."
11/20/18
GDHS
11/20/18
NO CHANGE
Target $10
GDHS
Underperform
GE 'fire sale' of Baker Hughes stake a 'net negative,' says Gordon Haskett
Gordon Haskett analyst John Inch, who maintains an Underperform rating and $10 price target on General Electric (GE) shares, said the sale of Baker Hughes (BHGE) shares generates cash and in theory should be a credit "positive", but given that the sale is being done so far below book value leads him to conclude it is instead a net "negative." Even though GE should realize about $3.8B in proceeds from the sale, Inch believes the company's balance sheet could come under further stress given likely additional write-downs associated with the "fire sale" of Baker Hughes sales, he tells investors.
11/13/18
GDHS
11/13/18
NO CHANGE
Target $10
GDHS
Underperform
General Electric liquidity risks could be escalating, says Gordon Haskett
Gordon Haskett analyst John Inch said that despite GE's assurances and those of other analysts that liquidity does not pose a risk, he believes liquidity issues could be escalating given the rapidly raising spreads in GE CDS, which he tells investors "could portend additional GE credit rating downgrades." GE's CEO asserted in interview yesterday that the company has no plans for an equity capital raise, but added "as conditions change in the future we might come back and reconsider that," noted Inch, who thinks that at current GE share price levels the "window to raise equity capital appears to have largely shut." Inch maintains an Underperform rating and $10 price target on GE shares.
11/09/18
JPMS
11/09/18
NO CHANGE
Target $6
JPMS
Underweight
General Electric price target lowered to $6 from $10 at JPMorgan
In a research note wrapping up the company's Q3 results, JPMorgan analyst Stephen Tusa cut his price target for shares of General Electric to $6 from $10. The stock closed yesterday down 8c to $9.10. The outcome of GE's results was worse than expected "on almost all fronts," with forecasts for free cash flow and EBITDA "moving materially lower," Tusa writes. Further, a "material change" in language from the quarterly filing "suggests a negative step down in the leverage situation," he adds. The analyst believes, however, that the story is "not really about liquidity, it's about a deterioration in run rate fundamentals." On that front. Tusa expects the "anchor" on earnings, free cash flow and the dividend to all be down ~85% as "the dust continues to settle. He keeps an Underweight rating on General Electric shares.

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Macy's

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$14.45

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ALPMY

Astellas Pharma

$0.00

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PYPL

PayPal

$104.09

-0.85 (-0.81%)

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SQM

SQM

$23.41

-0.35 (-1.47%)

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TNAV

TeleNav

$4.92

0.07 (1.44%)

19:37
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TeleNav CEO buys 150K shares of common stock »

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CRSP

Crispr Therapeutics

$67.31

-1.15 (-1.68%)

19:29
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PFGC

Performance Food Group

$44.66

-0.13 (-0.29%)

19:26
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Syndicate
Performance Food Group upsized 10.1M share offering said to price at $44.25 »

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INVH

Invitation Homes

$30.05

0.13 (0.43%)

19:10
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Periodicals
Breaking Periodicals news story on Invitation Homes »

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KRTX

Karuna Therapeutics

$108.42

-15.58 (-12.56%)

19:03
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Karuna Therapeutics 2.6M share Secondary priced at $96.00 »

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GOOG

Alphabet

$1,302.26

-12.45 (-0.95%)

, GOOGL

Alphabet Class A

$1,301.34

-11.25 (-0.86%)

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Google to limit election ads audience targeting, will prohibit 'deep fakes' »

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$1,302.26

-12.45 (-0.95%)

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Alphabet Class A

$1,301.34

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CAN

Canaan

$0.00

(0.00%)

18:56
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18:56
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Syndicate
Canaan 10M share IPO priced at $9.00 »

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NUAN

Nuance

$16.60

0.11 (0.67%)

, CPRT

Copart

$84.69

-1.64 (-1.90%)

18:51
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Fly Intel: After Hours Movers »

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NUAN

Nuance

$16.60

0.11 (0.67%)

CPRT

Copart

$84.69

-1.64 (-1.90%)

LB

L Brands

$16.00

-1.19 (-6.92%)

JACK

Jack in the Box

$84.89

-0.08 (-0.09%)

SONO

Sonos

$13.87

-0.635 (-4.38%)

NTGN

Neon Therapeutics

$1.44

-0.04 (-2.70%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

UBER

Uber

$28.02

0.99 (3.66%)

LZB

La-Z-Boy

$36.23

-0.265 (-0.73%)

CUB

Cubic

$73.63

0.8 (1.10%)

NTES

NetEase

$287.68

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OPTN

Optinose

$11.42

0.84 (7.94%)

MTEM

Molecular Templates

$8.28

0.19 (2.35%)

PYPL

PayPal

$104.09

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WNC

Wabash

$15.05

-0.2 (-1.31%)

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Wabash initiated at Raymond James »

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ALSN

Allison Transmission

$45.51

-0.56 (-1.22%)

18:47
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Initiation
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NAV

Navistar

$30.97

-0.97 (-3.04%)

18:47
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Initiation
Navistar initiated at Raymond James »

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PCAR

Paccar

$78.85

-0.59 (-0.74%)

18:47
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Initiation
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CMI

Cummins

$180.59

-2.36 (-1.29%)

18:46
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18:46
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Cummins initiated at Raymond James »

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VMC

Vulcan Materials

$140.72

-0.485 (-0.34%)

18:45
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Vulcan Materials initiated at Deutsche Bank »

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SUM

Summit Materials

$24.18

0.3 (1.26%)

18:45
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Summit Materials initiated at Deutsche Bank »

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MLM

Martin Marietta

$263.10

1.36 (0.52%)

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Martin Marietta initiated at Deutsche Bank »

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THC

Tenet

$31.36

-0.38 (-1.20%)

18:33
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Tenet General Counsel sells 65K shares of common stock »

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PFPT

Proofpoint

$119.56

1.25 (1.06%)

18:23
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Proofpoint's Salle sells 10,479 common shares »

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  • 09

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LVMUY

LVMH

$0.00

(0.00%)

, TIF

Tiffany

$123.32

-0.16 (-0.13%)

18:21
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Periodicals
Tiffany gives LVMH access to its books after raised bid, Reuters says »

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LVMUY

LVMH

$0.00

(0.00%)

TIF

Tiffany

$123.32

-0.16 (-0.13%)

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CPRT

Copart

$84.69

-1.64 (-1.90%)

18:05
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Earnings
Copart reports Q1 non-GAAP EPS 65c, consensus 59c »

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