BofA analyst Andrew Obin lowered the firm’s price target on General Electric (GE) to $85 from $105 and keeps a Buy rating on the shares following the spinoff of GE HealthCare Technologies (GEHC) that was completed after the close on January 3. GE received about $8.9B in net proceeds from GE HealthCare and along with the transfer of pension liabilities the spinoff will result in $13.3B of net debt reduction at GE, said Obin. In terms of upcoming catalysts, GE will report Q3 earnings on January 24, and he expects initial 2023 guidance to show improvement on a like-for-like basis in revenue, margins, and free cash flow, and then GE will host its investor conference on March 9, Obin noted.
Published first on TheFly
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