GE shares rise after new analyst at UBS gives stock a buy rating and predicts a big 2020 rebound

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A General Electric (GE) sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019.

Aly Song | Reuters

General Electric shares rose after a new analyst at UBS assumed coverage on the troubled conglomerate with a buy rating.

“We believe the stock is at a positive inflection point into 2020,” UBS analyst Markus Mittermaier said in note to investors.

The buy rating represents an upgrade in the firm’s opinion of GE, as the previous analyst had a neutral rating.

GE shares rose more than 1% in after-hours trading on Wednesday from its close of $10.97 a share. UBS’ price target, raised to $14 a share from $11.50 a share, represent a 26% climb from GE’s current levels.

This is a developing story. Check back for updates.

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