GEHC: AI-Driven Innovation Supercycle To Drive Growth Acceleration Ahead; Initiating at Outperform

研报英文原文证据摘录

GEHC: AI-Driven Innovation Supercycle To Drive Growth Acceleration Ahead; Initiating at Outperform

RBC Capital Markets, LLC

Shagun Singh (Analyst)

(646) 618-6886, shagun.singh@rbccm.com

Kendall Au (AVP)

(212) 548-3164, kendall.au@rbccm.com

RBC Dominion Securities Inc.

Moe Mansour (Associate)

(416) 842-7635, moe.mansour@rbccm.com

June 22, 2026 INITIATION

GE HealthCare Technologies Inc.

Outperform AI-Driven Innovation Supercycle To Drive Growth NASDAQ: GEHC; USD 60.64

Acceleration Ahead; Initiating at Outperform Price Target USD 80.00

Our view: We take a positive stance on GEHC given attractive risk-reward Scenario Analysis*

not reflected in its ~11x 2027E P/E multiple. GEHC's increased R&D

investments and commercial execution post its 2023 spin from General Downside Current Price Upside Scenario Price Target Scenario

Electric is driving order momentum (+5% y/y in 2025) with a strong backlog

($22B or similar to 2026E sales) that positions it for accelerated growth 55.00 60.64 80.00 100.00 9% 32% 65%RESEARCH starting later in 2026 towards its long-range plan (2026-28: 4-6% y/y

organic revenue and HSD-LDD EPS growth). Current valuation post the Q1 *Implied Total Returns Key Statistics EPS guide down offers an attractive entry point. Initiating coverage with Shares O/S (MM): 458.0 Market Cap (MM): 27,773

an Outperform rating and $80 price target. Dividend: 0.14 Yield: 0.2%

Avg. Daily Volume: 4,932,986

Key points: RBC Estimates GEHC's innovation engine is driving order momentum and backlog FY Dec 2025A 2026E 2027E 2028E

strength, positioning it for accelerated growth ahead. GEHC is increasingly Revenue 20,625.0 21,825.1 22,865.5 23,931.1EQUITY driving higher sales from new innovation (3-year NPI vitality of 55% in EPS, Adj Diluted 4.59 4.91 5.45 6.03

Q1'26 vs.