General Electric price target raised to $145 from $135 at BofA

BofA raised the firm’s price target on General Electric to $145 from $135 and keeps a Buy rating on the shares. The firm, which continues to see signs that Vernova’s turnaround is gaining momentum, notes that 2024 guidance is for GE Aerospace and GE Vernova separately – including standalone costs and allocated corporate costs – which makes comparisons with consensus more difficult, but aligns with post-spin reporting. Following the quarterly report for the combined companies, the firm is raising its 2024 adjusted EPS and free cash flow estimates and expects the Vernova spin-off in early April to be a positive catalyst as GE Aerospace becomes a pure-play stock with fewer operational issues than peers.