While on the surface, General Electric (NYSE:GE) isn’t having a great day—it’s up fractionally in Friday afternoon’s trading—it really is. In fact, if it keeps going like it’s going, reports note, it might end up with the best closing price it’s seen in the last six years. That’s got some analysts wondering why.
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The current high-water mark for GE over the last six years is November 10, 2017. That’s when it hit $122.96 per share. It’s still a bit short of that mark in Friday afternoon’s trading, but it does seem to be getting closer. In fact, GE stock is up 12% just since it reported earnings back on October 24 and delivered an expectations-beating win that actually proved to be the best gain the stock has seen in the last 50 years. As for causes, some are pointing to the recent Dubai Air Show, the one that gave Boeing (NYSE:BA) quite a lift itself. Throw in some issues at competitors, like RTX (NYSE:RTX)—who’s been having trouble with its turbofan jet—and Siemens Energy (OTHEROTC:SMEGF), and that does kind of clear a path for GE to shine.
GE Has been Making Noteworthy Real Estate Moves
GE has been making some noteworthy moves in real estate as well, pulling out of its building at The Banks in Cincinnati, Ohio, and moving instead to Evendale. GE reportedly planned to fully lease all its vacant space, but reports suggest that hasn’t quite proven the case. However, GE also made those plans before it split into three different companies. Furthermore, the firm has been cutting some of its workforce; it’s down to about 60% of the workforce it had before the COVID-19 pandemic kicked in.
Is General Electric a Good Stock Purchase?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GE stock based on seven Buys and three Holds assigned in the past three months, as indicated by the graphic below. After an 80% rally in its share price over the past year, the average GE price target of $133.89 per share implies 11.85% upside potential.
