GE HealthCare Technologies (GEHC) shares gained Wednesday after Jefferies analysts called the stock a “franchise pick” and made a bullish case for the company’s diagnostic imaging business.
Jefferies bumped its rating for the stock up to “buy” from “hold,” and raised its price target to $103 from $95, bringing it above the broader analyst consensus compiled by Visible Alpha at about $95. Shares rose 3.5% to close at $86.26 Wednesday and have added about 13% over the past year.
The analysts said the firm holds a leading position in the diagnostic imaging market, which they expect to grow by mid-single digits. GE HealthCare could also benefit from market consolidation, they noted.
Jefferies added that improving business in China "could be another icing on the cake.” China makes up 12% of the company’s sales, and GE HealthCare said in October that macroeconomic weakness in the country negatively impacted third-quarter sales.
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