Multinational conglomerate General Electric Company ( GE ) on Tuesday caught a big upgrade from analysts at Sanford C. Bernstein & Co.
The firm said it boosted its rating on GE from "Market Perform" to "Outperform" while lifting its price target from $16 to $21. That new target suggests a healthy 29% upside to the stock's Monday closing price of $16.33.
Bernstein cited recent dividend raises from the company for the upgrade, along with expectations for higher energy orders in 2012.
General Electric shares rose 17 cents, or +1%, in premarket trading Tuesday.
The Bottom Line
Shares of General Electric ( GE ) have a 3.67% dividend yield, based on last night's closing stock price of $16.33. The stock has technical support in the $14 price area. If the shares can firm up, we see overhead resistance around the $17-$18 price levels.
General Electric Company ( GE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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