Stock Update (NYSE:GE): General Electric Company Statement on Department of Justice Filing
General Electric Company (NYSE:GE) was notified today that the Department of Justice has initiated court proceedings seeking to enjoin the sale of GE Appliances to Electrolux. Electrolux and GE intend to vigorously defend the proposed acquisition as pro-competitive and pro-consumer. Our goal remains to close the deal this year. GE continues to believe that GE Appliances’ customers, consumers and employees will benefit from Electrolux’s commitment to the appliance business and its ability to compete with global competitors. (Original Source)
Shares of General Electric opened today at $26.67 and are currently trading down at $26.541. 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 $27.15 and its 200-day moving average is $25.63.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on June 26, William Blair analyst Nicholas Heymann reiterated a Hold rating on GE, with a price target of $30, which represents a potential upside of 12.5% from where the stock is currently trading. Separately, on June 18, Deutsche Bank’s John G. Inch maintained a Hold rating on the stock and has a price target of $29.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and John G. Inch have a total average return of -1.5% and 12.6% respectively. Heymann has a success rate of 37.5% and is ranked #2781 out of 3683 analysts, while Inch has a success rate of 79.2% and is ranked #806.
The street is mostly Bullish on GE stock. Out of 7 analysts who cover the stock, 4 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $33.00, which implies an upside of 23.7% from current levels.