General Electric Company (NYSE:GE) has been one of the pioneers in the cruise industry when it comes to providing reliable and robust marine solutions. Back in 1994, GE’s technology helped powered the 856-foot-long, 77,441-ton, Dawn Princess cruise vessel. Decades later, and building upon the long-standing relation with Carnival cruise, GE will once again partner with Carnival Corporation to update the propulsion controls for Dawn Princess during its exciting transition to Pacific Explorer, operating under P&O Cruises Australia. The updated decentralized controls of the new system will reduce the installation costs of the system while enhancing redundancy and operational safety of the vessel.
After providing the first digital controls (Syconum range) in 1993, which was a technology breakthrough for its time, GE’s Marine Solutions will update the cruise vessel with the latest generation of digital controllers (PECe Range).
Commenting on the deal, Greg Jackson, P&O Cruises Australia (Carnival Corporation) said, “GE has been our long-term partner with whom we have partnered on a number of vessels in the past. We have always been impressed by the quality of solutions provided by GE and remain confident that their new propulsion controllers will live up to our high standards.”
GE will be concluding extensive shop tests at its Belfort Center of Excellence (CoE) using its real-time simulator where a digital model of the vessel can be created. Thanks to this, the planned upgrades can be verified for operational excellence in advance to facilitate faultless execution within the dry-docking period of 12 days.
“We are delighted to be partnering once again with Carnival Corporation, providing upgrade services to one of the largest cruise operators in the world. Their trust in our solutions over the years speaks volumes of the quality of our offerings to the cruise industry,” said Tim Schweikert, president and CEO, GE’s Marine Solutions.
During the upgrade, Visor remote control will also be upgraded to have a better diagnostic system, which will help with remote troubleshooting and unplanned downtime reduction.
GE will also provide technical assistance during the first cruise after dry docking. (Original Source)
Shares of General Electric closed last Friday at $31.78, up $0.25 or 0.79%. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $30.24 and its 200-day moving average is $30.54.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report issued on November 22, William Blair analyst Nicholas Heymann reiterated a Buy rating on GE, with a price target of $35, which implies an upside of 10% from current levels. Separately, on November 15, Merrill Lynch’s Andrew Obin reiterated a Buy rating on the stock and has a price target of $37.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and Andrew Obin have a yearly average return of 3.7% and 8.8% respectively. Heymann has a success rate of 64% and is ranked #1724 out of 4273 analysts, while Obin has a success rate of 67% and is ranked #700.
Sentiment on the street is mostly bullish on GE stock. Out of 8 analysts who cover the stock, 5 suggest a Buy rating , 2 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $35.25, which implies an upside of 11% from current levels.