- NYSE:GE dipped by 0.07% amidst another rocky day for the global markets as the S&P 500 ended lower.
- General Electric receives a generous price target upgrade from UBS.
- General Electric’s healthcare segment developed a COVID-19 sensor for mobile phones.
NYSE:GE has continued its upward trajectory after shares jumped on Friday following another analyst upgrade of the iconic industrial conglomerate. General Electric, led by CEO Larry Culp, has been on a turnaround mission over the past couple of years to bring the once great company back to prominence on the global stage. On Monday, shares of General Electric traded flat as the broader markets continued the choppy behavior from March, as it fell by 0.07% to close the first trading day of the week at $13.59. The stock is trading firmly above its 50-day and 200-day moving averages, and is creeping back up toward the 52-week high price of $14.42 set in early March.
Stay up to speed with hot stocks' news!
Another Wall Street analyst has added his bullish target for General Electric, joining several others with the same sentiment. Markus Mittermaier of UBS maintained his previous buy rating for the stock and upgraded his price target from $15 to $17 per share. Mittermaier cited the recent sale of AerCap Holdings for $30 billion, as well as other initiatives that Culp has undertaken to right the ship. General Electric continues to be hammered on the rollercoaster of news that comes from the aerospace industry, including another report of issues with the Boeing 737 MAX, for which GE builds the engines.
Is GE a good stock to buy?
There are certainly tailwinds for 2021 that make General Electric seem like a good buy right now. The healthcare segment even announced it had designed a COVID-19 sensor that can be integrated into mobile phones and smart watches as a way of dealing with the virus in the future. If you believe in Culp and his turnaround strategy, now may be the time to buy the news with General Electric, ahead of its April 27th earnings call.
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.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.