🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Goldman Sachs raises GE target to $177 on positive outlook

Published 08/03/2024, 21:54
© Reuters

On Monday, a Goldman Sachs (NYSE:GS) analyst increased the price target for General Electric (NYSE:GE) shares to $177 from the previous $156, while reiterating a Buy rating on the stock. This adjustment follows the recent GE Vernova's Investor Day, which took place on Tuesday, March 6, 2024, in New York City.

The event featured presentations from Scott Strazik, CEO of GE Vernova, Ken Parks, CFO of GE, and other management team members. The discussions highlighted the significant strides the company has made in transforming its operations and the promising future that lies ahead. The analyst expressed confidence in the management's ability to capitalize on the current trends in electrification and decarbonization, which are expected to drive investment over the next decade.

General Electric's management presented financial goals, suggesting that GE Vernova could achieve an EBITDA of over $4 billion by 2028, with the potential to reach this milestone even earlier. They also set a minimum target of $2.5 billion by 2025. Achieving these objectives would enable Vernova to grow at a compound annual rate of 15-20% over the next four years.

The analyst's optimism is also based on the belief that there is likely room for even higher performance in 2024 than currently expected. The overall assessment is that General Electric is well-positioned to benefit from these developments, leading to the maintained Buy rating on the company's stock.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.