GE HealthCare: Jefferies upgrades its buy recommendation

(CercleFinance.com) - Jefferies announced on Wednesday that it had upgraded its recommendation on GE Healthcare shares from "hold" to "buy", with a corresponding increase in its price target from $95 to $103.


In a research note, the financial intermediary sees an attractive entry point for the stock, which is currently trading at just 17-18x earnings, below the valuation of its closest comparables and its recent highs of around 20x.

Even in the absence of an upturn in business in China, the analyst believes the stock has upside potential, thanks to the strength of its pharmaceutical diagnostics business (PDx) and its market share gains, both of which could be boosted by the pleasant surprise of a Chinese recovery.

Jefferies has added the stock to its list of preferred stocks ('franchise pick').

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