General Electric Co (NYSE: GE) Tuesday announced better-than-expected results for its second quarter.
All three of the company’s segments drove the beat and raise quarter, according to Oppenheimer.
The General Electric Analyst: Christopher Glynn upgraded the rating for General Electric from Outperform to Perform.
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The General Electric Thesis: Growth in the Segment EBIT (earnings before interest and tax) and operating margin expansion were both much stronger than expected, Glynn said in the upgrade mote.
“We must note the architecture of GE’s turnaround, elegant both for the patience and care attendant to the process (begun in 2017/18) and the design intent for accelerating yield over time,” the analyst stated.
Glynn added, however, that the downgrade was based on valuation. “GE shares are +35% since our 12/5/22 upgrade (vs. S&P +15%); 65% returns including value of 80.1% of GEHC shares spun to GE sharehZenger News,” he wrote.
GE Price Action: Shares of General Electric had risen by 0.16% to $114.55 at the time of publication Monday.
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Edited by Jason Reed and Kyana Jeanin Rubinfeld
