General Electric assumed at Buy from Hold at Jefferies

Jefferies analyst Sheila Kahyaoglu upgraded General Electric to Buy from Hold with a price target of $120, up from $90, as the analyst assumed coverage of the stock. GE Aerospace is a high-growth, profitable engine franchise that has "long-tail" revenue streams given its 70% services mix and $353B backlog, the analyst tells investors. The firm sees a pathway for aerospace profit margins to ramp toward 20% by mid-decade from 18.3% in 2022, the analyst added.