A.G. Edwards upgraded General Electric (GE) to buy, from hold.
Analyst Tony Boase says he although it's an early call, there's evidence of an economic rebound. Still, he sees flat profit growth in 2004 for the diversified conglomerate. Boase says meaningful earnings growth isn't projected until 2005 or 2006, but considering GE's visibility and legacy, he thinks it's better to be early than late.
Boase adds that the negative surprises and dramatic portfolio shifts/moves are behind the company. He believes difficult markets in industrial, specialty materials, plastics, aircraft engines, and power are poised for a turnaround. He set a $35 price target on the shares.