Big Bull Note Boosts General Electric Stock

The security is already up more than 30% in 2024

Deputy Editor
Mar 8, 2024 at 9:22 AM
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The shares of General Electric Company (NYSE:GE) are up 1.4% before the bell, following a bull note from J.P. Morgan Securities. The analyst upgraded GE to "overweight" from "neutral" and hiked its price target to $180 from $166.

This comes after the firm's aerospace unit yesterday forecast an operating profit of roughly $10 billion in 2028 and said it expects an initial dividend payout at 30% of net income. The analyst also praised the company's wind and gas power unit, Vernova, which it believes has a path to rebounding margins and cash flow. 

Yesterday's news helped General Electric stock snag a more than six-year high and close at $166.50. The security has surged recently, and is on track for its ninth-straight weekly win. Adding more than 91% over the last 12 months, GE is already up 30.5% year to date.

The options pits are firmly in the bullish camp. This is per the equity's 10-day call/put volume ratio of 2.10 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 96% of readings from the past year. In other words, calls are being picked up at a faster-than-usual clip.



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