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Tuesday, November 24, 2009
J.P. Morgan Sees Earnings Tailwind For GE
By Christopher Hinton
MarketWatch Pulse
NEW YORK -- GE Capital, the financial arm of General Electric Co. , continues to stabilize with a dramatic narrowing in losses projected for the long term that should provide a key tailwind to earnings, J.P. Morgan said in a Tuesday note to investors. "The several 'hot spots' in the GECS portfolio have now been reduced to one," commercial real estate, the broker said. "In total, management continues to see provisions a bit better than the adverse case, which makes a capital contribution beyond the fixed charge coverage requirement in 1Q11 unlikely." J.P. Morgan reaffirmed its overweight rating for the stock with a price target of $17. Shares of GE rose less than 1% premarket to $16.16.
Copyright © 2009 MarketWatch, Inc.
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