UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on General Electric Company
In a report published Friday, Citigroup reiterated its Buy rating on General Electric Company (NYSE: GE), but slightly lowered its price target from $25.00 to $24.00.
Citigroup noted, “We are lowering our estimate from $1.75 to $1.70 to reflect weaker end markets and organic revenue growth next year, plus a more conservative forecast for GECC. Our estimates incorporate 96 bps of operating margin expansion from 2011 to 2013, consistent with its target for 80-120 bps over this two-year period. Our 2013 estimate incorporates a 3% increase in GECC net income and a 12% increase in GE Industrial operating profit for total EPS growth of 13% (including the impact of buybacks).”
General Electric Company closed on Thursday at $20.06.
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