Citi analyst Joanne Wuensch launched coverage of GE HealthCare Technologies stock with a Buy rating and $82 price target.
GE HealthCare Technologies stock picked up a new bull. Shares can rise 25% as the 125-year-old company matures, according to the a new research report.
“It is rare to initiate coverage of a 125-year-old initial public offering with a market cap of about $30 billion, yet here we are,” wrote Wuensch. GE HealthCare was spun out of General Electric at the beginning of 2023. The company is a leader in imaging technologies with estimated 2023 sales of $19.5 billion, and has more than four million devices in use around the globe.
Valuation is also a positive. Shares trade for 15.4 times estimated 2024 earnings per share. Shares of GE Healthcare’s closest peer Siemens Healthineers trades for about 18.4 times. Wuensch says GE HealthCare should trade at around that level, and set her target price at about 19.2 times her 2024 earning-per-share estimate of $4.28.
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