Shares of General Electric Co. took a dive Monday, after the analyst that called the industrial conglomerate’s downfall, then helped mark a bottom in...
Shares of General Electric Co. took a dive Monday, after the analyst that called the industrial conglomerate’s downfall, then helped mark a bottom in December, got back to being bearish, citing Wall Street’s overly optimistic view on free cash flow.
Famed GE analyst Stephen Tusa cut his rating back to underweight, after upgrading it to neutral in December. He lowered his stock price target to $5, which was 47% below current levels, from $6. Tusa said that while he currently calculates free cash flow at zero, he believes GE’s power and renewables business will remain weak, the capital services business will likely continue to consume cash for the foreseeable future, the aviation businesses fundamentals are “weaker than meet the eye” and high leverage relative to its peers leaves the company vulnerable to liquidity issues.
Since the end of 2018, the average rating of the 20 analysts surveyed by FactSet has increased to the equivalent of a buy rating from hold, while the price target has increased to $11.21 from $11.08, even though the 2019 earnings-per-share consensus has dropped to 57 cents from 81 cents and the revenue estimate has fallen to $116.0 billion from $119.3 billion.
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