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Fly News Breaks for April 3, 2018
GE
Apr 3, 2018 | 07:12 EDT
Despite "material changes" in fundamentals, little progress on asset sales, a lack of "clean numbers," and an SEC investigation, ratings agencies covering General Electric "remain on the sidelines" with their commentary, seemingly giving the company "precious time to work their way out," JPMorgan analyst Stephen Tusa tells investors in a research note. The analyst points out that during the Great Recession, GE was AAA rated while needing a bail-out. "We scratch our heads as to the repeated inertia," Tusa writes. The analyst remains cautious on shares of General Electric saying its fundamentals are worse than expected. Tusa wonders how long the rating agencies "can support a currently unjustified rating." He keeps an Underweight rating on GE shares with an $11 price target. The closed yesterday down 36c to $13.12.
News For GE From the Last 2 Days
GE
Mar 27, 2024 | 05:45 EDT
Wells Fargo analyst Matthew Akers raised the firm's price target on General Electric to $200 from $177 and keeps an Overweight rating on the shares. The analyst sees opportunity for GE to cut 300-500 basis points of expenses in the coming years, 2-3 times what the company committed to at its recent investor day. The firm increased estimates to incorporate higher margins. The new price target reflects a 30-times price-to-earnings multiple on aerospace and $34 per share for Vernova.