General Electric’s Price Target Cut at Credit Suisse (GE)
Multinational manufacturing conglomerate General Electric Company ( GE ) on Monday saw its price target lowered by analysts at Credit Suisse.
The firm lowered its target for GE from $23 to $22, citing higher aviation research and development costs, as well as a sluggish energy demand outlook. That new price target represents a potential 51% upside to GE's Friday closing price of $14.55.
Suisse said it set its 2010/2011/2012 earnings per share estimates for the company at $1.11/$1.37/$1.68, respectively.
General Electric shares rose 5 cents, or +0.3%, in premarket trading Monday.
The Bottom Line
We recently removed shares of GE from our recommended list back on June 8, when the stock was trading at $15.41. The company has a 2.75% dividend yield, based on Friday's closing stock price of $14.55. The stock has technical support in the $13 price area. If the shares can firm up, we see overhead resistance around the $16-$17 price levels. We would remain on the sidelines for now.
General Electric Company ( GE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.