Commercial Distribution Finance (CDF), a division of General Electric Company (NYSE:GE) Capital, announced today that it has provided international IT solutions and managed services provider Logicalis US with $53 million in short term accounts receivable (STAR) funding. Logicalis used the STAR facility to fund a purchase order for a major contract.
STAR is a purchase order funding solution that provides solution providers with additional credit capacity beyond traditional credit lines.
Headquartered in New York City, Logicalis is an international IT solutions and managed services provider with expertise in communications and collaboration, data center and cloud services, and managed services. Logicalis has been a CDF customer since 2012.
“There was great collaboration on arranging this funding,” said Todd Yaekle, VP, Finance, Logicalis US. “CDF’s understanding of our industry and business model makes it much easier for us to effectively support our customers.”
“We worked closely with Logicalis on this funding to ensure it would meet their goals and timeline,” said David Laurence, senior vice president of the technology group at CDF. “We are committed to helping our customers compete with a variety of financial solutions.” (Original Source)
Shares of General Electric closed last Friday at $25.75. GE has a 1-year high of $28.68 and a 1-year low of $23.41. The stock’s 50-day moving average is $26.83 and its 200-day moving average is $25.86.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on July 20, UBS analyst Shannon O’Callaghan reiterated a Buy rating on GE, with a price target of $32, which implies an upside of 24.3% from current levels. Separately, on June 26, William Blair’s Nicholas Heymann reiterated a Hold rating on the stock and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shannon O’Callaghan and Nicholas Heymann have a total average return of 16.9% and -4.5% respectively. O’Callaghan has a success rate of 79.5% and is ranked #150 out of 3712 analysts, while Heymann has a success rate of 25.0% and is ranked #2981.
Overall, 3 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $33.00 which is 28.2% above where the stock closed last Friday.