We recently published 10 Big Names Leaving Wall Street in the Dust; 4 at Fresh Highs. GE Aerospace is one of the best performers on Friday.
GE Aerospace rallied for a second day on Friday, jumping 3.95 percent to close at $299.81 apiece as investor sentiment was fueled by Citigroup’s bullish stance in its first coverage about its stock.
In a market report, Citigroup gave GE Aerospace a “buy” recommendation with a price target of $386, marking a 28.75 percent upside potential from its latest closing price.
Photo by Thisisengineering Raeng on Unsplash
The coverage reflected the investment firm’s confidence in GE Aerospace in becoming a trillion-dollar company in as little as five years amid a number of megatrends and opportunities across the commercial aerospace, defense, shipbuilding, and space sectors.
In other news, GE Aerospace said that its Marine Engines & Systems unit recently secured eight orders of LM2500 marine gas turbine engines for two of the US Navy’s Flight III Arleigh Burke-class guided-missile destroyers.
The destroyers—USS Intrepid (DDG 145) and USS Robert Kerrey (DDG 146)—are both powered by four LM2500 engines, providing the proven propulsion power that has made the Arleigh Burke class the backbone of the US Navy’s surface fleet for over three decades.
“The LM2500 has been the engine of choice for the US Navy’s destroyer fleet for decades, and we’re proud to continue that legacy as the Navy builds toward its 390-ship goal,” said GE Aerospace Vice President for Sales and Marketing Mark Musheno.
“GE Aerospace is committed to ramping up production capacity to meet the Navy’s expanding fleet requirements while maintaining the quality and reliability that have made the LM2500 the most trusted marine gas turbine in naval service worldwide,” he added.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
This article is originally published at Insider Monkey.
