Analysts at Morgan Stanley on Thursday started coverage of General Electric Co. (GE) stock at the equivalent of a neutral rating, saying GE's "turnaround story" under Chief Executive Lawrence Culp has yielded some progress on costs, cash flow, and plans to reduce debt. Uncertainty surrounding the company, however, prevents them from rating it a buy. The analysts, led by Joshua Pokrzywinski, also set a price target of $10 on the stock, which would represent an 11% upside from Thursday's prices. "Risk/reward appears reasonable, but comes with an unfavorable catalyst timing and unresolved risks outside the core business," the analysts said. GE shares have gained 24% this year, compared with gains of 19% for the S&P 500 index.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 05, 2019 10:41 ET (14:41 GMT)
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