Oppenheimer Lifts Price Target on General Electric (GE) to $24

Oppenheimer reiterated its Outperform rating and raiesd its price target on General Electric (NYSE: GE) from $21 to $24. They are establishing 2013E EPS of $1.75, and maintaining '12E EPS of $1.50, which they estimate conservative by 6-7c versus their base case.

"We calculate about 3c upside to our 2012E, using midpoint of industrial organic growth guidance (5-10%) and guided 50 bps Industrial OM improvement," the analyst comments. "We also believe that GE Capital's cyclical recovery drivers could support 4-5c upside to our model, but remain conservative as a margin of error buffer. Industrial OM expansion in 2013 could pace ahead of 50 bps annual target, given GEnx learning curve, maturing acquisition integrations, likely consistent services growth, and HD Turbines operating leverage opportunity."

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 $20.04 yesterday.

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