General Electric Analysts Increase Their Forecasts After Q3 Results

General Electric Co GE reported upbeat earnings for its third quarter.

General Electric reported third-quarter FY23 revenues of $17.3 billion, an increase of 20% year-over-year, and Adjusted revenue of $16.5 billion (+18% Y/Y). Adjusted EPS was $0.82, up from $(0.17) a year ago, beating the consensus of $0.56.

GE announced that it expects to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024.
The company said it sees FY23 adjusted EPS of $2.55 to $2.65 (prior $2.10-$2.30).

GE shares fell 1.4% to trade at $112.03 on Wednesday.

These analysts made changes to their price targets on GE following earnings announcement.

• Barclays increased the price target on GE from $131 to $133. Barclays analyst Julian Mitchell maintained an Overweight rating.
• RBC Capital raised the price target on GE from $130 to $131. RBC Capital analyst Deane Dray maintained an Outperform rating on the stock.

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