A SEC filing earlier this week revealed that General Electric Co (GE) had entered into a revolving credit agreement for $15 billion. The new agreement is scheduled to mature on April 17th 2023.
General Electric shares closed lower for a second consecutive trading session in New York on Tuesday. The stock went down 0.46% ($0.03) to $6.48, after touching an intraday low at $6.30, or a price level not seen since April 16th ($6.21).
Shares of General Electric Company have retreated 41.94% so far in 2020 compared with a 15.30% loss for the benchmark index, S&P 500 (SPX).
In 2019, General Electric’s stock went up 47.42%, thus, it outperformed the S&P 500, which registered a 28.88% gain.
The new credit agreement refinances General Electric’s previous revolving credit facility of $20 billion, which was due to mature in May next year.
Analyst stock price forecast and recommendation
According to CNN Money, the 16 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $10.50, with a high estimate of $15.00 and a low estimate of $5.00. The median estimate represents a 62.04% upside compared to the closing price of $6.48 on April 21st.
The same media also reported that at least 14 out of 22 surveyed investment analysts had rated General Electric’s stock as “Buy”, while 8 – as “Hold”.
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