GE Aerospace is laying off 72 employees at its Schenectady site in New York state, the company said in a Worker Adjustment and Retraining Notification (WARN) notice on Wednesday.
General Electric stock (NYSE: GE) has had a solid run, rising more than 2x in the last twelve months from levels of about $90 per share in September 2023 to $190 now, led by its solid business fundamentals and its steady growth in Aerospace revenues. There is a high probability that this run is unlikely to lose steam anytime soon for it is backed by solid business performance.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Raymond James analyst downgraded shares of GE Vernova to Hold from Buy, and removed his $190 price target.
GE Vernova GEV is a relatively new stock that has nearly doubled its value since it started trading in March. The stalwart American firm General Electric GE spun it off, and it is now a $70 billion industrial company.
GE Vernova Inc. GEV shares are trading lower on Thursday. Truist Securities analyst Jordan Levy initiated coverage on the company with a Buy Rating and a price target of $300.
GE Vernova picked up its fifth new Buy rating in recent weeks while GE HealthCare Technologies picked up a new Sell rating.
GE Aerospace posted strong Q2 results with $8.2 billion in revenue and $1.20 adjusted EPS, beating analyst estimates despite supply chain challenges. The company is actively addressing supply chain issues, deploying 550 engineers to key supplier locations, and reducing LEAP shop visit turnaround times by 15%. GE Aerospace's updated guidance shows increased profit expectations and free cash flow, driven by strong aftermarket support and improved equipment profitability.
Burgeoning aftermarket sales and lower-than-expected engine deliveries are boosting earnings expectations. Long-term growth looks assured, but the valuation is looking stretched now.
GE Vernova shares picked up another Buy rating on Tuesday. That's a positive for shares.
The General Electric (NYSE: GE) stock price is firing on all cylinder this year as the transformation under Lawrence Culp continued. It has jumped by over 47% this year, outperforming the closely-watched Vanguard Industrial Index Fund (VIS), which has jumped by almost 17% this year.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.