- NYSE:GE fell by 2.74% as global markets sold off in a massive way on Thursday.
- General Electric announces a new strategic partnership with Altair.
- The latest news brought about yet another analyst upgrade for General Electric.
NYSE:GE fell alongside the broader markets on Thursday as the volatile February correction continued with the S&P 500 shedding 2.45%. A day after a solid gain for General Electric, the stock gave it all back, closing the trading session 2.74% lower at $12.76. Shares of the Boston-based industrial company are still up over 20% so far in 2021, as many industry analysts and investors remain bullish on its turnaround. Count Berkshire Hathaway Vice Chairman Charlie Munger amongst those who are optimistic about GE moving forward, as Munger stated that he believed CEO Larry Culp is the right man to fix the company.
Speaking of Culp, General Electric announced a new strategic partnership earlier this week with Altair (NASDAQ:ALTR), which included Altair purchasing the Flow Simulator software from GE Aviation. Altair will work to develop Flow Simulator using artificial intelligence and machine learning to further design new machines and systems. General Electric will also have access to Altair's library of software platforms, as the two aviation companies will look to continue to work together on further projects.
GE stock forecast
The announced partnership with Altair came with another Goldman Sachs upgrade to the price target from $14 to $15 and a reiterated ‘buy’ rating. The news comes on the heels of a much-publicized Pratt and Whitney engine failure which resulted in an emergency landing where luckily everyone involved was unharmed. Pratt and Whitney is a subsidiary of industry rival Raytheon (NYSE:RTX) which also saw its stock fall by 5.70% on Thursday.
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