It’s challenging to turn a legacy company around. In the case of over 125-year-old GE (GE), some would say it’s nearly impossible.
Yet the industrial giant is less than a year away from achieving a multiyear turnaround plan that transforms what was once an iconic but sprawling conglomerate into an aerospace-focused company. Its slimming down has Wall Street excited.
Management’s “focus on cash flow, cleaning up the balance sheet, selling off assets, [and] paying down debt,” is why the stock has recently hit 52-week highs, Argus analyst John Eade told Yahoo Finance.
The stock is up 100% over the past year, and 72% higher since the start of 2023.
Shares rose 6% this past Tuesday after the company “crushed” second-quarter earnings estimates, as noted by another analyst, Morningstar’s Joshua Aguilar.
“GE has world class assets, exceptional leadership, and is turning around its businesses,” Aguilar told Yahoo Finance.
The Boston-based industrial raised its full year guidance after posting a beat…
2023-07-29 12:30:00
Source from finance.yahoo.com
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