General Electric (NYSE:GE) has had a rough run of things lately. That’s why its run-up today was both welcome and unexpected. Unexpected, that is, until the word came out about just why it jumped so far ahead in Thursday afternoon trading. Turns out, there’s a much bigger demand for GE aviation components than most expected. The reports saw GE jump to a high it hasn’t seen in the last four years.
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GE’s forecasts suggested that not only would there be brisk demand for aviation components, but that demand would drive gains in revenue for the next couple of years at least. The pent-up demand for air travel following the pandemic has already burst onto the scene. GE figures it will have plenty more room to run and has airlines ordering new planes already. Planes like those from Boeing (NYSE:BA) and Airbus (OTCPK:EADSY), two of the biggest customers that GE Aerospace has.
Overall, analyst consensus calls GE stock a Moderate Buy based on 10 Buys and four Holds assigned in the past three months. Despite this, GE has 3.23% downside risk thanks to its average price target of $90.
