Why General Electric Stock Slipped Today
In advance of the spinoff of one of its business units, General Electric (NYSE: GE) saw its share price erode slightly on Friday. The company's stock fell by nearly 3% -- compared to the 0.7% decline of the S&P 500 index -- on the back of several analyst price-target adjustments.
During the day, three prognosticators adjusted their targets on General Electric. One was Wolfe Research's Nigel Coe, who now feels the company is worth $107 per share rather than his former estimation of $110. Coe's rosy view of General Electric's future hasn't changed, however, as he maintained his outperform (that is, buy) recommendation on the shares.
That analyst's change was in contrast to those made by two of his peers, Citigroup's Andrew Kaplowitz and Deane Dray at RBC Capital. Of the two, Kaplowitz was the more aggressive raiser, upping his level to $100 per share from the preceding $87. Dray's lift was to $98 per share from $93. Both men reiterated their equivalents of buy recommendations on General Electric stock.
Source Fool.com
