Shares of General Electric (GE) - Get Reportare higher just around 8% since the election, and Bernstein sees more potential to the upside. The firm upgraded GE to "outperform" from "market-perform" on Friday, consequently, shares were climbing in afternoon trading.

Bernstein Vice President and senior analyst Steven Winoker discussed the call on CNBC's "Halftime Report" Friday afternoon. Winoker began by explaining that an April downgrade and price target of $32 was because of concerns that the stock had run too far ahead of itself.

"The risk-reward was out of balance, and we wanted to see some of the proof points in their big restructuring efforts; understand how they were going to handle some of their growth expectations that were embedded in each of the units" he explained.  "Since then, we are sitting at the same level, roughly $31."  

Winoker's view is that GE "has a lot going for it." He referenced the company's recent deal with Baker Hughes (BHI) and their oil and gas business as symbolic of "tremendous cost synergies" as well as revenue opportunities longer-term.

He's also bullish on the company's aviation, power, and healthcare businesses.

"You start ticking down these, and you can work your way towards $2 EPS in 2018. We think they are going to get there. The multiple I put on that is probably one more point of expansion versus 19 times they're trading at right now. I take $20 on $2, I get $40, and that's the upside," Winoker said.

He did caution that "the biggest risk" to his thesis is on the oil and gas side, and the stronger U.S. dollar won't' be good for GE short-term.

"Certainly that is a headwind they will have to overcome with productivity, better policing, and frankly services," he said.

(General Electric is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of Cramer's holdings with a free trial.)