Target Price Doubled As Wall Street Bulls Flocked To GE's Big Plans.

General Electric GE 0.00% stock is generating more bullish sentiment on Wall Street. In one instance, noticeably more bullish.

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The 2023 analyst and investor event for GE (ticker: GE) was held on Thursday in Cincinnati, Ohio. In addition to showcasing its jet engine technology, the corporation offered long-term financial projections for its power generation and aviation operations.

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The aim of GE to eventually create operating profit margins of between 8% and 9% was the biggest surprise. In 2023, that company is anticipated to lose between $600 million and $200 million.

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In 2022, GE's power-generation division, now known as GE Vernova, lost around $1 billion, resulting in an operating profit margin of roughly -3.5%.

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Early in 2024, Vernova is expected to be split off as a distinct company.

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J.P. During the discussion, Morgan increased its price estimate for GE shares from $88 to $100. Currently, J.P. Morgan has two analysts covering GE stock. Morgan: Mark Strouse, an analyst for renewable energy, and Seth Seifman, an analyst for aerospace.

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The analysts stated in a Friday note that organizational simplification, cost savings, and advantages from the Inflation Reduction Act had increased the company's long-term ambitions while maintaining their fiscal year 2023 guidance for Vernova. The inclusion of investment and purchase tax incentives for renewable energy in the Inflation Reduction Act may help GE's wind turbine business.

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The $100 price objective is important even though their rating is still Hold. On Monday, the duo took over coverage and set a $88 price target. Prior to the $88 goal, J.P. Steven Tusa, a Morgan analyst, follows GE stock. His price objective for the stock was $50, and he gave it a Hold rating.

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Multi-industry firms are covered by Tusa. As GE disbanded, J.P. Morgan changed its focus.

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During the meeting, RBC analyst Deane Dray increased his price objective to $100. His former price goal was $93, and he ranks the stock as Buy.

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According to us, the meeting was a definite success, Dray wrote on Thursday. The separation is proceeding as planned, CEO Larry Culp's transformative organizational enhancements are showing results, and the modest increases in 2025 growth and unrestricted targets were satisfying.

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68% of analysts who cover GE stock rank the stock as Buy overall. The S&P 500SPX -0.93%'s stocks have an average buy-rating ratio of roughly 58%. The typical analyst price objective has increased from around $87 per share at the end of February to approximately $94 per share now.

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Following the meeting on Thursday, GE stock increased 5.3%. On Friday, shares were trading at $92.02 with a 0.5% gain. Futures for the S&P 500 and Dow Jones Industrial AverageDJIA -0.47% both decreased by 0.2% and 1.7%, respectively.