Investors searching for a safe place may need to look no further than one of the biggest blue chips stocks.
General Electric Company GE has been more or less stuck in a trading range of $23–$31 over the last two and a half years, but the company is poised for dramatic growth, according to Efrem Hoffman, founder and CEO of Running Alpha.
Appearing on Wednesday's edition of PreMarket Prep, Hoffman said that he thinks the Fairfield, Connecticut, company is incredibly well-positioned for the future.
"I would say to really look at some headlines coming out of GE. I wouldn't be surprised, if they were spin off some of their divisions, that the stock could actually double in the next two years."
The Industrial Internet
Hoffman's thesis comes from what he called "The internet of all things," also known as the industrial Internet. This is mostly referring to the Internet's growing presence in the infrastructure of our economy. Depending on whom you talk to, this segment is projected to grow into a $15–$30 trillion industry over the next decade.
"The thing is it's going to be such intense competition. In that field you want to focus on companies that license technology," he said. "[General Electric is] considered a technology company, even though a lot of people think of them as an industrial. They have major operations down in Silicon Valley."
It's this ownership of technology that has Hoffman projecting such dramatic growth for General Electric. He said he expects the jump to occur for the company "as soon as the market realizes that they're at the center of this industrial Internet."
To find out who else Hoffman thinks will be a part of the industrial Internet boom, listen to his interview in its entirety after the first break in the clip below. You can listen to PreMarket Prep live every morning from 8–9:30 a.m. EST here, or listen to previous shows here.Image Credit: Public Domain
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