Credit Suisse Cuts General Electric Price Target By 5%

• Credit Suisse analyst John Walsh lowered the price target on General Electric Co (NYSE:GE) to $116 (an upside of 30.2%) from $122 and maintained an Outperform rating on the shares.
• Walsh also updated his quarterly 2022 EPS estimates into GE's analyst day on March 10th, leaving the full year unchanged.
• Related: GE Stock Slides As Supply Chain Headwinds Masks Progress
• In late February, GE reiterated supply chain challenges across the portfolio, but specifically in Healthcare, Walsh notes, adding that GE called out 300bps-400bps of total company revenue pressure from the supply chain for 2022.
• The analyst mentions that price/cost is expected to be negative for the year, though the second half of 2022 is expected to be better than the first half of 2021.
• Price Action: GE shares are trading lower by 1.21% at $88.06 during the premarket session on Monday.