Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Bernstein Senior Analyst Steven Winoker was a guest on CNBC's "Squawk On The Street," justifying the firm's recent downgrade on General Electric Company (NYSE: GE).
"Look, the stock is up almost 30 percent over the last 12 months. It's trading at 21x, and there's really no margin for error from here," Winoker began.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Catalysts For GE
Addressing potential tailwinds moving forward, Winoker stated, "The catalysts to happen are already baked in, whether it's the Fed DECIF-ing (editor note: audio unclear), the expenditure of new capital as they raise new money, oil and gas coming back, aviation working perfectly—."
Related Link: GE Announces Another Asset Sale Company To Sell Majority Stake In Bank BPH's Core Bank To Alior Banki
"There are a number of things that have to be executed flawlessly," Winoker commented.
Justification For Downgrade
Against the backdrop of the baked-in catalysts, Winoker emphasized the continued presence of pre-existing risks associated with the stock.
Based on his observations, Winoker surmised that GE is just not in a position likely to outperform at this time. "And on a risk/reward basis, you still have these risks while the stock has risen significantly. So, on a risk/reward basis, we look at it and just think that it is more equalized now. And that to us spells more in-line performance rather than significant outperformance."
"A lot of things have to go right for this stock to work and outperform from here," Winoker concluded.
Bernstein has downgraded GE from Outperform to Market Perform, with an attached price target of $34.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.