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The Key Takeaways
- GE HealthCare shares gained Wednesday after Jefferies analysts upgraded their rating for the stock to "buy" and raised their price target.
- Analysts said that the company holds a dominant position on the market for diagnostic imaging, and they anticipate a growth of mid single digits.
- Jefferies added improving business in China "could be another icing on the cake.”
GE HealthCare Technologies (GEHC) shares gained Wednesday after Jefferies analysts called the stock a “The company was hailed as a “franchise pick”, and the diagnostic imaging division of the business looked promising.
Jefferies has upgraded the rating of its stock to “Buy”” from “hold,” and raised its price target to $103 from $95, bringing it above the broader analyst consensus compiled by Visible Alpha at about $95. Shares rose 3.5% to close at $86.26 Wednesday and have added about 13% over the past year.
The analysts said the firm holds a leading position in the diagnostic imaging market, which they expect to grow by mid-single digits. GE HealthCare could also benefit from market consolidation, they noted.
Jefferies added that improving business in China “”Another icing could be added to the cake.” China represents 12% in the sales of the company, and GE HealthCare reported in October that the weak macroeconomic environment in China negatively affected third quarter sales.
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