Goldman Sachs Maintains “Buy” Rating for General Electric; Sees Buying Opportunity Following Q1 Results (GE)
Multinational conglomerate General Electric Company ( GE ) on Monday saw its "Buy" rating reiterated by analysts at Goldman Sachs.
The firm noted that the company's first quarter was "uninspiring" but noted the recent underperformance of the stock since that report has created a "buying opportunity."
Goldman maintained its 2011-13 earnings estimates and $23 12-month price target, which implies a 15% upside to the stock's Friday closing price of $19.95. The analyst commented, "While short-term investors had reason to be disappointed with 1Q, we believe a more positive outlook is intact."
General Electric shares rose 11%, or +0.6%, in premarket trading Monday.
The Bottom Line
Shares of General Electric ( GE ) have a 3.01% dividend yield, based on Friday's closing stock price of $19.95. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $22 price level.
General Electric Company ( GE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.