|Two analysts raised their target prices for GE following its earnings report Friday.|
NEW YORK ( TheStreet) -- General Electric ( GE) saw two analysts raise their target prices for the conglomerate's shares following its first quarter earnings report Friday. Goldman Sachs analyst Terry Darling and Nick Heymann, his counterpart at William Blair, both upped their target price to $22 from $21. Darling maintained his "buy" rating on GE, while Heymann left his recommendation at "market perform."
Goldman's Darling cited "stronger orders and stabilizing equipment pricing that enhances 2013 visibility." Blair's Heymann left his 2012 earnings estimates unchanged for GE. He upped his 2013 estimates to $1.80 from $1.75 "to reflect better GE Real Estate profitability." However, Heymann's reason for raising the target price was "solely based on higher overall market valuations," for industrial sector stocks. General Electric shares gained 1.1% on Friday following the release of earnings, but were down 1.86% to $19 shortly after noon on Monday. Most analysts were modestly encouraged by earnings, though some noted General Electric's positive earnings surprise could be chalked up to the fact that its financial unit paid a 9.4% tax rate as opposed to the 15% management had been forecasting . -- Written by Dan Freed in New York. Follow this writer on Twitter.