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Morgan Stanley Reiterates Equal-Weight Rating on General Electric Company on Announced NBCU Sale

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In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on General Electric Company (NYSE: GE).

Morgan Stanley noted, “This evening, GE announced the sale of its remaining 49% equity stake in the NBCU JV to Comcast for $16.7bn. In addition, GE will sell NBCU-owned property to Comcast for $1.4bn cash, which brings the total purchase price to $18.1bn. The valuation of GE's remaining NBCU stake is in line with our ~$17bn estimate, and the implied ~10x EBITDA represents a premium to the current 9x Entertainment comps multiple. GE will receive $13.4bn cash, $4bn in Comcast debt and $0.7bn of preferred stock as payment. The transaction is expected to close in late March.”

General Electric Company closed on Tuesday at $22.58.

Latest Ratings for GE

DateFirmActionFromTo
May 2016JP MorganInitiates Coverage onUnderweight
Apr 2016BernsteinDowngradesOutperformMarket Perform
Jan 2016CitigroupInitiates Coverage onBuy

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