Oppenheimer Holdings Reiterates Outperform Rating, $24 PT on General Electric Company
In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating and $24.00 price target on General Electric Company (NYSE: GE).
Oppenheimer Holdings noted, “Margins, services execution, and global growth were highlighted as the core execution levers for GE for 2013 and beyond. Complexity was cited as fertile ground for margin improvement, given that evolution of GE's industrial portfolio over the past decade witnessed mix shift from about two-thirds US to about one-third US and roughly half of revenues now drawing from business GE was not in ten years ago. Services (>80% industrial OP) targets 5%+ revenue growth annually (~5% in 2013) driven by installed base (IB) growth compounded by services value/IB. GE noted 4Q12 slowing across Healthcare and HBS, and some energy pushouts, but expects orders up slightly (exwind) and for backlog to grow ~$2B during 4Q.”
General Electric Company closed on Tuesday at $21.69.
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