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Friday, November 06, 2009

GE Raised To Outperform At Oppenheimer

By Christopher Hinton

MarketWatch Pulse

NEW YORK -- Brokerage firm Oppenheimer on Friday upgraded its rating for General Electric Co. to outperform from perform as the conglomerate's financial portfolio stabilizes. "We note that consumer finance's delinquencies and non-earnings have recently shown meaningful signs of stabilization and flattening out," the firm said in a note to investors. "Commercial finance 3Q09 metrics indicated potential easing of the rate of portfolio quality deterioration, with non-earners up 35 [basis points] in 3Q09 to 3.32%, vs. increases of about 100 bps and 60 bps in the preceding two quarters." GE's financial arm still remains a burden, but with the company's core industrial business is holding up relatively well and a 14% pull back in its stock value, the current share price looks attractive, Oppenheimer said. The firm raised its 12-month price target to $18 from $17. Shares of GE rose about 3% premarket to $14.89.

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