Multinational conglomerate General Electric Company (GE) late Wednesday received some continued bullish support from analysts at Oppenheimer & Co.
The firm reiterated its “Outperform” rating on GE as well as its $24 price target, which suggests a 14% upside to the stock’s Wednesday closing price of $21.01.
An Oppenheimer analyst commented, “Margins, services execution, and global growth were highlighted as the core execution levers for GE for 2013 and beyond. Complexity was cited as fertile ground for margin improvement, given that evolution of GE’s industrial portfolio over the past decade witnessed mix shift from about two-thirds US to about one-third US and roughly half of revenues now drawing from business GE was not in ten years ago. Services (>80% industrial OP) targets 5%+ revenue growth annually (~5% in 2013) driven by installed base (IB) growth compounded by services value/IB. GE noted 4Q12 slowing across Healthcare and HBS, and some energy pushouts, but expects orders up slightly (exwind) and for backlog to grow ~$2B during 4Q.”
General Electric shares posted small losses in premarket trading Thursday. The stock has gained about 17% year-to-date.
The Bottom Line
Shares of General Electric (GE) have a 3.62% dividend yield, based on last night’s closing stock price of $21.01. The stock has technical support in the $19-$20 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.
General Electric Company (GE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.