Credit Suisse Reiterates Neutral Rating on General Electric (GE)
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Credit Suisse analyst John Walsh reiterated a Neutral rating and $11.00 price target on General Electric (NYSE: GE) following the company's 4Q earnings report. Q4 organic orders and sales declined 3% and 14% y/y, respectively. FY20 orders declined 17%, with 95% of the decline attributable to Aviation. Industrial FCF of $4.4B was better than expected (vs. guidance of >$2.5B and consensus of $2.6B) and represents a yr/yr increase of $500mn/ $900mn ex-BioPharma.
Management will provide a full outlook during GE’s investor day on 03/10/21, but offered an overview of FY21 expectations. Industrial FCF is guided to $2.5-$4.5B, capturing consensus of $3.45B into the print. Adjusted EPS of $0.15-$0.25 compares with consensus estimates of $0.37.
Shares of General Electric closed at $11.18 yesterday.
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