General Electric stock was up 4.5% Tuesday after reporting first-quarter results, as its better-than-expected free cash flow performance spurred investors to bid up the shares.
But even if GE stock doesn’t benefit from today’s results and earnings call, Boeing stock might instead. That’s because it got a vote of confidence from the industrial conglomerate, which is also one of its key suppliers. What’s new. “The bottom line is that free cash flow in the quarter was better than expected,” CFO Jamie Miller told Barron’s in a phone interview, adding, “some of that will reverse in coming quarters.” Miller reiterated GE’s full-year cash flow expectation.
Still, one bearish analyst, JP Morgan’s Steven Tusa, was surprised by the results. Tusa recently downgraded GE stock again and has a Street-low $5 price target. He hasn’t changed the target price yet after these results either.
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