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Buy Signal Is Blinking as General Electric Bulls Take a Breather

Industrial giant General Electric (NYSE:GE) is an American icon that’s universally recognized as a great long-term investment. Or at least, it was viewed that way until GE stock started to decline in the 2000s.

Bears Have It All Wrong With GE Stock
Source: Carsten Reisinger /

Nowadays, just as the planet is in recovery mode in the wake of the Covid-19 pandemic, General Electric is staging a major turnaround. Much of this can be credited to transformative CEO Larry Culp.

General Electric might not be the powerhouse of a company that it was to previous generations. Nevertheless, the company is demonstrating progress – and even forging a deal that could be a game changer.

At the same time, some analysts are warming up to GE stock as a long-term holding. Just maybe, it’s possible that the tide is finally turning in General Electric’s favor once again.

GE Stock at a Glance

As the title of this article suggests, the market’s General Electric bulls are basically taking a breather. This doesn’t mean that they’re missing in action, though.

There’s an old saying among stock market technicians. It goes: the longer the base, the higher in space.

That’s a clever way of saying that when a stock moves up for a while, but then spends months going sideways, another huge leg up could happen soon.

As it turns out, GE stock spend the entirety of March through June “basing” at the $13 level. And as of July 13, the stock was still close to $13.

For long-term investors, this is a time for patience and persistence. The markets will test your resolve, and when that happens, oftentimes the winning move is to stay in the trade.

In the meantime, you can collect dividends on your GE stock shares and watch for potential price catalysts. In fact, I’m happy to show you one of those catalysts right now.

Anywhere the Wind Blows

While General Electric is a famous American business, we have to remember that the company is truly a global one.

Wherever in the world the opportunities arise, you might find General Electric seizing the moment. Here’s a perfect example of this.

Just recently, General Electric announced that the company has secured an onshore wind turbine contract from European Energy for three wind farms.

That’s in addition to the contract awarded to General Electric by European Energy in November 2020 to produce, supply and install 22 Cypress wind turbine units for three Lithuania-based wind farms.

In the more recent deal between the two companies, General Electric will produce, supply and install 34 Cypress wind turbine units in total, at two wind farms in Lithuania.

Wall Street Weighs In

Sure, we can say that this confirms a strong collaboration between General Electric and European Energy.

But really, it goes beyond that. As General Electric transitions into a future-facing, clean-energy-compliant business, the latest European Energy deal represents a big step in the right direction.

And apparently, I’m not the only one with a favorable outlook for General Electric today. Indeed, there are at least a couple of Wall Street experts with bullish takes.

Goldman Sachs analyst Joe Ritchie, for example, called General Electric a “top idea” and assigned a $16 price target to GE stock.

Citigroup analyst Andrew Kaplowitz, meanwhile, recently wrote that things seem to be on track for 2021 for General Electric.

Kaplowitz’s price target for the stock is an ambitious but entirely attainable $17. His observation is that General Electric’s “operational improvements and turnaround efforts continue to gather traction.”

The Takeaway

Could General Electric provide the ultimate comeback story in the coming years?

It’s possible, but investors will need to be patient.

As GE stock tests your resolve, you can win the waiting game as General Electric continues to move forward, proving that an old company can be a leader in new markets.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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