Oppenheimer analyst Christopher Glynn upgraded General Electric (GE) to Outperform from Perform with a $104 price target based on 2024 estimates, and assuming 12-times EV/EBITDA for Healthcare (GEHC), 13-times for Aviation, and 8-times for combined Power & Renewable Energy/RE, discounted back one year at 12%. Aviation performance reflects strong momentum along industry recovery path, amidst widespread industry supply-chain challenges impacting the commercial business and internal production challenges serving military markets, the analyst argues. At Power, consistent and broad-based profitability improvement affirms intact turnaround trajectory/runway, even if mediocre absolute profitability as yet, he adds.
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Published first on TheFly
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