Oppenheimer Cuts Numbers of General Electric (GE), Keeps Top Rating

Oppenheimer trimmed estimates and its price target on Outperform-rated General Electric (NYSE: GE) from $22 to $20 following a Q3 earnings review.

2011 EPS was cut by 2c to $1.36 and 2012 from $1.55 to $1.50.

The firm noted that industrial organic growth of 8% was solid, while industrial margin contraction of 280 bps combined with a pause in trend of sequential improvement at GE Capital.

"GE Capital is transitioning to more normalized operating performance, with Consumer Finance, within reach of peak earnings YTD", the analyst said.

For Q4, they are looking for modestly higher sequential earnings from Consumer due to seasonal volumes.

For an analyst ratings summary and ratings history on General Electric click here. For more ratings news on General Electric click here.

Shares of General Electric closed at $16.48 yesterday.

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