According to a report published by StreetInsider.com, multinational conglomerate General Electric (GE) is in early talks with French multinational electric utility company Electricite de France SA (EDF) for the sale of its nuclear turbines unit.
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French media had reported in August that EDF was in advanced talks to acquire GE’s nuclear assets. The companies confirmed the talks on September 22.
Boston-based General Electric offers technologies and solutions to the renewable energy, power, healthcare and aviation industries. Its shares closed 1.8% up at $98.54 on Wednesday. (See General Electric stock chart on TipRanks)
EDF said, “GE being one of EDF’s key partners in the nuclear business, EDF is currently analyzing conditions under which the interests of the EDF Group would be best served.”
Last month, Barclays analyst Julian Mitchell maintained a Buy rating on the stock with a price target of $128 (30% upside potential). The analyst expects the company to report a loss of $1.12 per share in the third quarter.
Overall, the stock has a Moderate Buy consensus rating based on 9 Buys and 4 Holds. The average General Electric price target of $118.20 implies 20% upside potential. Shares have gained 101.6% over the past year.
According to TipRanks’ Smart Score rating system, Blink scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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