General Electric price target raised to $92 from $85 at BofA

BofA analyst Andrew Obin raised the firm’s price target on General Electric (GE) to $92 from $85 and keeps a Buy rating on the shares. While the firm is lowering its 2023 adjusted EPS forecast by 25c to $2.00 following the company’s Q4 report to reflect a slower pace of improvement in Renewable profitability, it has raised its 2023 free cash flow forecast to $4B from $3.1B on a like-for-like basis excluding GE HealthCare (GEHC). GE Aerospace represents nearly 90% of the value of GE shares, based on the firm’s sum-of-the-parts analysis, and Q4 results "show Aerospace demand remains strong," the firm tells investors.