| 2020-10-29 07:12:05|
GE 07:12 10/29 10/29/20
General Electric price target raised to $11 from $10 at Goldman Sachs
Goldman Sachs analyst Joe Ritchie raised the firm's price target on General Electric to $11 from $10 and keeps a Buy rating on the shares. The stock closed Wednesday up 32c to $7.42. The company reported an "all around strong quarter" with a large free cash flow beat and "encouraging" Q4 free cash flow outlook of at least $2.5B, Ritchie tells investors in a research note. The results underscore management's ability to execute well, reduce costs and deliver free cash flow despite a challenging environment, says the analyst. Ritchie believes greater than $2.5B free cash flow is achievable and that GE is the "ultimate self-help, vaccine leveraged story in Industrials."