Shares of General Electric Co. GE, -0.63% hiked up 1.5% in midday trading Thursday, after Morgan Stanley analyst Josh Pokrzywinski reiterated his overweight rating on the industrial conglomerate while boosting his stock price target by 31% to $17. That would make Pokrzywinski the second-most-bullish analyst, of the 21 analysts surveyed by FactSet, to supplant UBS’s Markus Mittermaier who had moved into that place on Wednesday. Pokrzywinski’s raised target comes ahead of “2021 GE Investor Outlook” event scheduled for March 10. Pokrzywinski said the event will be a “catalyst” for GE’s stock, as it “sets up a multi-year path to above-consensus [free cash flow], with “solid growth” in the core businesses down the road. GE’s stock, which is on track for the highest close since May 25, 2018, has climbed 25.4% over the past three months, while the SPDR Industrial Select Sector ETF XLI, -2.33% has gained 3.3% and the S&P 500 SPX, -1.86% has tacked on 2.7%.
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