Citigroup Said General Electric (GE) Could Lower Guidance At Tomorrow's Event
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Citigroup commented on General Electric Co. (NYSE: GE) ahead of tomorrow's GE Capital webcast. The firm said the webcast could be a forum to lower its 2009 outlook.
The analysts noted that in prior years, when street estimates were too high, GE held late November/Early December meetings and used them as a forum to lower expectations so the CEO could focus more on strategy, etc as the late-December meeting. The firm said the likelihood of this being the case this year appears reasonably high given the short notice on the webcast (announced on 11/25) and the unprecedented macro and financial upheaval.
Citigroup recently cut their '09 EPS estimates on GE to $1.65, but the Street consensus is still at $1.75.
Citigroup is maintaining their Hold rating on GE, saying while government backstops have addressed the most serious liquidity risks for GE Capital, more downward earnings revisions could keep a lid on the stock.
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