UBS downgraded GE Healthcare Technologies stock to "sell"
Shares of GE HealthCare Technologies Inc (NASDAQ:GEHC), a spinoff of General Electric (GE), are down 1.9% before the opening bell after a bear note from UBS. The analyst downgraded GEHC to "sell" from "neutral," citing worries over near- to mid-term growth potential and vulnerability to competition in the Chinese Medtech market.
Of the 18 brokerages covering GE HealthCare stock, 11 carried a "strong buy" recommendation coming into today, while the remaining seven rated it a lukewarm "hold." This leaves plenty of room for analysts' optimism to unwind, and more downgrades could put additional pressure on the equity.
Should today's pre-market price action hold, it would put GEHC at risk of snapping a three-day win streak. The security went public in early January 2023, and hit an all-time high of $94.50 this March. Yesterday's rally to $93.53 is the closest the shares have come to reclaiming that peak. Year to date, GE HealthCare stock is up 20.3%.