Wall Street Bear Warns That GE Estimates Are Still Too Optimistic
One of Wall Street's biggest bears when it comes to General Electric (NYSE: GE) shares said Wednesday that he believes consensus expectations for the industrial conglomerate are bound to be "reset" due to ongoing issues at the company's aviation unit.
Shares of GE are down more than 35% year to date, and 72% over the past five years, as the company tries to dig out from a massive debt burden due to acquisitions last decade. GE went into 2020 expecting to experience a multiyear turnaround, but its challenge has only grown more difficult as the COVID-19 pandemic has sent airlines tumbling and created weakness at its once-strong aviation division.
Image source: General Electric.
Source Fool.com
