UBS upgraded GE HealthCare (GEHC) to Neutral from Sell with a price target of $69, down from $75. The firm cites valuation for the upgrade with the shares down 30% since January. GE HealthCare’s valuation now appropriately reflects concerns around new product execution, its China exposure, and inflationary pressures, the analyst tells investors in a research note. However, UBS says its forecasts remain below management’s mid-term guidance. It still sees limited catalysts for the shares in the near-term.
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