The Dividend Daily

Citigroup reported that they have maintained their current rating on General Electric Company(GE) and have lowered its price target Friday.

The firm has reported that they are reaffirming a “Buy” rating for GE, and have cut its price target from $25 to $24. This price target suggests a 16.6% increase over the stock’s current price of $20.

An analyst from the firm commented, “we are lowering our estimate from $1.75 to $1.70 to reflect weaker end markets and organic revenue growth next year, plus a more conservative forecast for GECC. Our estimates incorporate 96 bps of operating margin expansion from 2011 to 2013, consistent with its target for 80-120 bps over this two-year period. Our 2013 estimate incorporates a 3% increase in GECC net income and a 12% increase in GE Industrial operating profit for total EPS growth of 13% (including the impact of buybacks).”

General Electric shares were mostly flat during Friday morning trading. The stock is up 11.73% YTD.

The Bottom Line
Shares of General Electric (GE) have a 3.39% dividend yield, based on last night’s closing stock price of $20.06. The stock has technical support in the $18-$19 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.

General Electric Company(GE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.