Wells Fargo upgrades PT on General Electric over cost cutting potential

General Electric Co

27/03/2024 11:51

** General Electric's shares  GE.N  rise 0.4% to $174.26
premarket
    ** Wells Fargo lifts PT to $200 from $177, representing a
15% upside to GE stock's last close
    ** Says co could cut 3%-5% of selling, general, and
administrative expenses (SG&A) in coming years, overtaking GE's
recently targeted 1.5% SG&A reduction by 2025
    ** "We see significant cost takeout opportunity for GE
Aerospace as it sheds additional cost leftover from when it was
a much larger business." - brokerage
    ** Adds co's in-service fleet demographics in aerospace
business could drive profits for many years
    ** Five of 18 brokerages rate the stock "strongbuy", eight
"buy," and five "hold"; median PT is $178.50 - LSEG data
    ** YTD, stock had risen 36%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))