BofA raised the firm’s price target on GE Aerospace (GE) to $200 from $180 and keeps a Buy rating on the shares. GE Aero shares declined 9% intraday, significantly underperforming the S&P 500, as investors were disappointed with the third quarter performance, but the expectations on aftermarket were high and the increasing multiples “were starting to fuel concerns around how long aftermarket could stay this strong,” notes the firm, which thinks the market reaction on GE was “overdone” after the company delivered what the firm said was “a robust quarter.”
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