Deutsche Bank Has Hold On GE (GE)

Deutsche Bank has a Hold rating and a $20 price target on shares of General Electric Company

, after the industrial conglomerate reported earnings on Friday. Revenues fell short of expectations. In the research note, Deutsche Bank writes, "4Q will be a messy quarter with the potential for around 10c of gains/credits which will likely be more than compensated by charges. At an operating level, we believe it will be hard to almost impossible for GE to maintain flat industrial revenues YoY in light of downside to Energy volumes, although we do highlight YoY growth in Aviation, Transportation and Healthcare. We believe industrial margins will come under growing pressure from energy price deflation (-3% YoY) and engine shipments/R&D, but as we had expected and we've maintained our 4Qe at 32c. We concur with management's commentary that core industrial earnings can grow in FY11 but will be offset by NBCU dilution and $1.5bn of pre-tax pension headwinds..." Shares of GE lost 86 cents on Friday to close at $16.30, a loss of 5%.