Benzinga - by Vandana Singh, Benzinga Editor.
Citi has initiated coverage on GE HealthCare Technologies Inc (NASDAQ: GEHC) with a Buy rating and a price target of $82.
Not every day, a 125-year-old company enters the stock market with a market capitalization of approximately $30 billion. However, in January 2023, General Electric Healthcare did just that.
Also Read: GE HealthCare is Well-Positioned To Capitalize On Alzheimer's Opportunity: Wells Fargo.
GEHC's journey as a standalone entity began when it was spun off from its parent company, General Electric (NYSE: GE).
While GE retained a 19.9% stake in GEHC's common stock during the spinoff, it subsequently sold 29 million shares, reducing its ownership to 13.5%.
Citi analyst Joanne Wuensch notes that GE Healthcare stands as a leading global provider of medical technologies and solutions.
In 2022, it reported impressive sales of over $18 billion, solidifying its market position and operating via Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics segments.
What truly stands out about GE Healthcare is its mission, encapsulated in the corporate motto: "Creating a World Where Healthcare Has No Limits." This motto reflects the company's dedication to improving healthcare outcomes for patients on a global scale.
GEHC's IPO is a noteworthy event in the world of finance and healthcare alike, citi analyst writes.
Price Action: GEHC shares are down 0.78% at $65.77 on the last check Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.