General Electric is having a banner year, and Deutsche Bank thinks the industrial giant could see even more gains going forward.
The bank initiated GE with a buy rating and a $141 per share price target. Deutsche's forecast implies more than 27% upside from Wednesday's close. GE has soared nearly 70% in 2023. That puts it on track for its biggest annual since at least 1972, FactSet data shows. GE YTD mountain General Electric stock has climbed more than 69% in 2023.
"On valuation, we think Aerospace as a standalone business can trade at a premium to comps, thanks to its status as a market leading propulsion pure-play and high [free cash flow] conversion." The analyst added GE Aerospace will create a "self reinforcing loop" to reinvest in technology and add to its market share. "This raises GE's competitive moat, and enhances the terminal value of the business.
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