Is GE Aerospace Stock Going to $185? 1 Wall Street Analyst Thinks So.
GE Aerospace (NYSE: GE) had a terrific first quarter of 2024. Reporting as part of General Electric last week while also reporting breaking out its own results, the industrial airplane engine manufacturer grew its sales 15% year over year, operating profits 24%, and generated free cash flow (FCF) in excess of reported profits.
Wall Street was enthusiastic about the results, and on Monday, investment bank Jefferies raised its price target on GE Aerospace stock to $185 per share, recommending the stock as a buy.
Drawing the "curtains close on consolidated GE" and shifting attention to GE Aerospace, Jefferies was encouraged when GE raised its 2024 earnings guidance despite lowering sales guidance. Profits are growing faster than expected, with GE boasting a 140 basis point improvement in operating profit margins and nearly doubling quarterly FCF to $1.7 billion.
Source Fool.com
