UPDATE: General Electric (GE) PT Raised to $128 at BofA Securities
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BofA Securities analyst Andrew Obin raised the price target on General Electric (NYSE: GE) to $128.00 (from $120.00) after 2Q revenue was 1% ahead of consensus but Aviation had $0.4bn in non-cash charges related to long-term services contracts. The net result was EPS of $0.05 beat consensus of $0.03 despite the Aviation choppiness.
The analyst reiterated a Buy rating, stating "Turnaround progress can be seen in organic margin expansion at Power (+910bp y/y) and Renewable (+520bp y/y). Aviation results were mixed. Supply chain issues were a drag on Military revenue and Commercial equipment sales were below our expectations. Management lowered 2021 Aviation revenue guidance to flat versus low single-digit growth previously. Despite 2Q’s $0.4bn in non-cash charges, management kept 2021 Aviation margin guidance, implying a stronger 2H."
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