UPDATE: Bank of America Raises General Electric's PT

According to a research report published earlier today, Bank of America has increased General Electric's

PT from $19 to $21. In the report, Bank of America said, “Our $21 P.O. is the sum of our derived valuations for GE Industrial ($15 per share) and GE Capital ($6 per share). In turn, the imputed forward P/E for GE shares equates to nearly 12 times forward P/E multiple on our overall 2013 EPS estimate for GE of $1.80 (total company). We apply a ~15x target multiple to GE Industrial's 2013 EPS contribution to derive GE Industrial's valuation per share of $15. A roughly 15x multiple is consistent with the average current forward multiple of our large cap industrial coverage universe (eg, Danaher, Emerson, Honeywell, ITW, 3M, and Tyco International).” Bank of America maintains its Neutral rating on General Electric, which closed yesterday at $19.96.