Weakness in General Electric (GE) looks interesting. After dipping from about $117.59 to $110.89, the stock appears to have found strong support dating back to late July. From its current price, we’d like to see it initially retest its former high.
Helping, analysts at Deutsche Bank just upgraded the stock to a buy rating, with a price target of $141 a share.
″[W]e think the stock is well positioned to outperform— even after the big YTD run,” the firm said, as quoted by CNBC. “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.”
Sincerely,
Ian Cooper
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