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Non-Tech : General Electric (GE)

GE 307.27

+0.7%

Nov 7 9:30 AM EST

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From: E_K_S	11/5/2018 4:03:22 PM
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GE shares seen trading as low as $5, bearish analyst says Nov. 5, 2018 12:38 PM ET\|By: Carl Surran, SA News Editor General Electric ( GE +0.4%) bear John Inch at Gordon Haskett says GE shares could sink as low as $5 and should be valued on a free cash basis. Inch argues against the "academic" view among Wall Street analysts which values GE on a "sum-of-the-parts" basis and gives "large valuations for the Aviation and Healthcare businesses," but GE "cannot completely dismantle to realize its true [sum-of-the-parts] as the company is required to maintain a sufficient revenue and asset base to support all of GE Capital's tens of billions of dollars of debt securities." GE trades higher following a disclosure that CEO Larry Culp bought $2.2M in company stock, but Inch writes Culp’s purchase may not be as spontaneously voluntary as bulls might hope, given that GE’s proxy filed in April of this year requires named executives to own “significant” amounts of stock - 10x the base salary in the case of the CEO. Inch also notes former CEO Jeff Immelt bought 100K shares in May 2017 for $28/share "in an attempt to reinforce/stabilize GE’s share price and negative news flow." Last Friday, Inch came out with a warning that GE's near-term tax liabilities could total billions of dollars over the coming months.

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