By Senad Karaahmetovic
Oppenheimer analysts upgraded shares of General Electric (NYSE:GE) to Outperform with a price target of $104 per share.
Shares of General Electric are trading 1.5% higher in pre-open Tuesday.
The analysts' bullish stance on GE stock is primarily based on the strong momentum in the aviation business.
“Our Outperform rating reflects strong Aviation momentum along industry recovery path, with strong execution amidst widespread industry supply-chain challenges impacting the commercial business and internal production challenges serving military markets,” they said in a client note.
As far as the Power business is concerned, the analysts highlighted “consistent and broad-based profitability improvement.”
A few days ago, General Electric announced the details of its healthcare division spinoff, which is scheduled for the beginning of the next year. The company, which will start trading on Nasdaq under the ticker GEHC, is expected to be valued at over $30 billion.
GE first announced plans to split into three companies in November 2021.