GE Aerospace Spins Off as Independent Public Company, Analysts React

By Don Francis, Editor
April 3, 2024 7:40 AM UTC
GE Aerospace Spins Off as Independent Public Company, Analysts React

JP Morgan's Seth Seifman lowered their price target on General Electric Co (NYSE: GE) by 17.8% from $180 to $148 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

Seifman's updated price target comes on the heels of GE Aerospace's official launch as an independent public company following the completion of the GE Vernova spin-off. GE Aerospace will now trade on the New York Stock Exchange under the ticker "GE."

In response to the spin-off, Seifman adjusted their price target to reflect the new company structure. The analyst's decision to maintain a Strong Buy rating on GE indicates confidence in the stock's potential for future growth.

Seifman's rating aligns with the current sentiment among top-rated analysts, as 100% of them either rate GE as a Strong Buy or Buy. None of the analysts see the stock as a Hold, and there are no recommendations to sell the stock.

Looking ahead, analysts forecast that GE will deliver earnings per share (EPS) of $7.98 in the upcoming year. If their predictions hold true, GE's next yearly EPS will experience a 5.5% decline on a year-over-year basis.

Investors have seen positive returns on GE's stock in recent periods. Since the company's last quarterly report on 2023/12/31, the stock price has increased by 6.9%. Comparatively, the stock has seen a significant year-over-year increase of 40.8%. During this period, GE has outperformed the S&P 500, which has seen a 26.2% increase.

Seth Seifman, the JP Morgan analyst responsible for the updated rating, is ranked in the top 19% of Wall Street analysts by WallStreetZen. With an average return of 6.8% and a win rate of 66.7%, Seifman specializes in the Industrials and Technology sectors.

General Electric Company, founded in 1892 and headquartered in Boston, MA, is known for its digital industrial offerings and diverse range of products and services. These offerings span across various sectors, including aircraft engines, gas turbines, wind turbines, and medical diagnostic equipment. After divesting GE Transportation, a majority stake in Baker Hughes, and GE Biopharma, the company now focuses on the aviation, legacy healthcare, power, and renewable energy sectors.

What is the 1 year price target for GE Aerospace?

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