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GE HealthCare Stock Gains After Jefferies Analysts Name It ‘Franchise Pick’
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Main points
- Shares of GE Healthcare rose on Wednesday after analysts at Jefferies upgraded the stock to “buy” and raised their price target.
- Analysts say the company holds a leading position in the diagnostic imaging market, which is expected to grow by mid-single digits.
- Jefferies added that improving business in China “could be the icing on the cake.”
GE Healthcare Technologies (GEHC) after Jefferies analysts called the stock a “Franchise options” and made an optimistic assessment of the company’s diagnostic imaging business.
Jefferies upgraded the stock to “buy” from “hold” and upgraded its rating on the stock price target It rose to $103 from $95, above the broader analyst consensus of around $95 compiled by Visible Alpha. Shares rose 3.5% to close at $86.26 on Wednesday, up about 13% from last year.
Analysts say the company holds a leading position in the diagnostic imaging market, which is expected to grow by mid-single digits. GE Healthcare could also benefit from market consolidation, they noted.
Jefferies added that improving its China operations “could be the icing on the cake.” China accounts for 12% of the company’s sales, GE Healthcare said in October Macroeconomic weakness Sales in the country negatively impacted third-quarter sales.
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