- NYSE:GE gained 2.52% on Monday as cyclical sectors surged amidst more big tech struggles.
- General Electric receives a nod of approval from one of America’s biggest banks.
- General Electric disappoints during its quarterly earnings call last week.
NYSE:GE continues to be the reopening story that everyone wants to happen, but the industrial conglomerate cannot seem to stop tripping over its own feet. On Monday, cyclical industries gained once again as the ongoing tech selloff continued. General Electric added 2.52% to close the first trading day of the week at $13.45. Shareholders have been on a roller coaster ride with General Electric so far this year, and the meager dividend yield may make it difficult for even the most loyal investors to stay with the company for long.
General Electric did receive another financial industry upgrade on Monday, as the Bank of America raised its earnings per share targets from $0.22 to $0.25 in 2021 and from $0.49 to $0.50 in 2022. Bank of America also raised free cash flow targets from $4.1 billion to $4.3 billion in 2021 and $5.5 billion to $5.6 billion in 2022. The bank reiterated its buy rating for General Electric and maintained its $15 price target for the stock. While it may not seem like much of an upgrade, it is nice for shareholders to see that major financial institutions are still bullish on General Electric in the long run.
GE stock news
General Electric once again failed to impress at its recent quarterly earnings call, but it was more of a reminder as to how much GE relies on its commercial aviation business. Once global travel opens back up, we should see a more solidified earnings report as aviation is GE’s largest money maker. It is a good sign overall that GE’s power and renewable energy arms both reported lower losses year-over-year from 2020.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.