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General Electric (NYSE:GE) Stock Scores a “Perfect 10” Smart Score

General Electric (NYSE:GE) has a “Perfect 10” Smart Score on TipRanks, which implies that the stock has the potential to beat the benchmark index. The multinational conglomerate operates through the Aerospace, HealthCare, and Renewable Energy and Power segments.

The Smart Score tool considers eight different factors, including analyst ratings, technical analysis, and insider activity, among others, and assigns a score to stocks between 1 and 10, with 10 being the best.

Let’s check why GE stock scores a “Perfect 10” on TipRanks.

GE stock has gained about 27% in 2023 versus the 8.9% rally in the S&P 500 (SPX) and more than 2% in the Dow Jones Industrial Average (DJIA). 

The company recently reported upbeat fourth-quarter results and provided an encouraging outlook for the full year 2023. The management expects revenues to grow in the high single digits, while adjusted earnings per share are anticipated to come in the range of $1.60 to $2.

Furthermore, earlier in January, General Electric completed the spin-off of its healthcare business. The company now plans to spin off its energy business next year. These strategic initiatives will help the company focus on the lucrative aviation business, which bodes well for its future performance.

Given the company’s growth initiatives, strong demand for jet engines, and solid fundamentals, it looks like there is more upside in the near term.

Should You Buy GE Stock?

General Electric has a Moderate Buy consensus rating based on 10 Buy and four Hold recommendations. Further, the average price target of $85.14 implies 1.4% upside potential.

Besides for analysts, hedge funds have maintained a positive outlook on GE stock. Our data shows that hedge funds bought 13.2 million shares of the company in the last quarter. Bloggers are bullish on the stock as well.

Stay abreast of the best that TipRanks’ Smart Score has to offer.  

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Radhika Saraogi
With experience of over six years in the equity research domain, Radhika Saraogi joined TipRanks as a stock news and financial analysis writer in 2021. Over the years, she has followed and analyzed U.S. companies across various industries, with a primary focus on banks and asset management stocks. Previously, Radhika worked with Zacks Investment Research, Inc. Radhika pursued her education in India, where she graduated with a bachelor’s degree in Finance and has cleared seven papers of Actuarial Science. Radhika continues to build her expertise in the domain by pursuing a professional course to attain Chartered Financial Analyst designation. Currently, she is living in Bangalore, India, with her husband. As hobbies, Radhika loves to explore new places and master cooking skills.