Deutsche Bank Reiterates Buy Rating, $25 PT on General Electric Company on Announced NBCU Sale
In a report published Wednesday, Deutsche Bank reiterated its Buy rating and $25.00 price target on General Electric Company (NYSE: GE).
Deutsche Bank noted, “After the market close last night, GE announced the sale of its remaining 49% interest in NBCU to Comcast in a transaction valued at $16.7bn excluding $1.4bn of proceeds from the sale of certain NBCU real estate. The sale price is consistent with our suggested valuation of ~$17bn discussed in our Oct/12 report ‘NBCU sale could occur near term'. The purchase price of $16.7bn represents a multiple of roughly 10x trailing EBITDA (modestly above peer multiples). As such, we view the sale price positively.”
General Electric Company closed on Tuesday at $22.58.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.