General Electric Passes 8-Month High On Oppenheimer Upgrade

General Electric  (GE) – Get Report shares jumped to the highest levels in more than eight months Tuesday after analysts at Oppenheimer lifted their rating on the stock, citing the ‘turnaround traction’ under CEO Larry Culp.

Oppenheimer analyst Christopher Glynn set a $12 price target for GE stock, after boosting his rating to ‘outperform’ in a research note that highlighted changes under Culp’s tenure, including a stronger balance sheet and improving industrial free cash flows.

Glynn also noted that GE’s sale of its BioPharma division to Danaher Corp.  (DHR) – Get Report, which closed in March, has helped reduce overall debt by around $13.3 billion, with near-term liquidity allowing for the funding of pension obligations or the retirement of preferred stock.

Source link

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Leave a Reply