Initiate at Mkt: Deferred Story as Macro Headwinds Overshadow Innovation Cycle

研报英文原文证据摘录

Initiate at Mkt: Deferred Story as Macro Headwinds Overshadow Innovation Cycle

July 8, 2026 | 16:02 ET~

GE HealthCare Technologies Inc

GEHC-NSDQ Rating Price: Jul-7 Target Total Rtn Medical Supplies & Devices

Market Perform $64.89 $70.00 8%

Vik Chopra Analyst

vik.chopra@bmo.com (917) 581-0141

Legal Entity: BMO Capital Markets Corp.

Initiate at Mkt: Deferred Story as Macro Headwinds

2YR Price Volume Chart

100Overshadow Innovation Cycle

Bottom Line: 80

Initiating coverage of GEHC at Market Perform with a $70 target price. The innovation 30

assets are real; Flyrcado and Photonova Spectra are genuine long-term catalysts, and 20

the D3 strategy is differentiated, but we believe two consecutive years of macro-driven 60 10

guidance cuts have moved GEHC into "show me" territory. With 2026 a deferred story, 50 Jan Jul Jan Jul 0

China uninflected, and the entire thesis resting on a back-half recovery that demands LHS: Price ($) / RHS: Volume (mm) Source: FactSet

simultaneous execution across multiple variables, we see risk/reward as balanced Company Data in $

at the current multiple and would need clean 2H delivery before becoming more Dividend $0.14 Shares O/S (mm) 454.9

constructive.

Yield 0.2% Market Cap (mm) $29,518

EV (mm) $38,017 AD Vol. (mm) 3.62Key Points

BMO Estimates in $

GEHC is executing its strongest innovation cycle in a decade, with Flyrcado

(FY-Dec.) 2025A 2026E 2027E

and Photonova Spectra as the two most consequential near-term catalysts.

EPS $4.58 $4.89 $5.41Flyrcado weekly doses have grown nearly 80% since late January 2026 (but remains

methodically slow), with management targeting annual 2028 revenue of $500 million Revenue $20,625 $21,806 $22,816

+ and a longer-term $1 billion opportunity. The Photonova Spectra photon-counting EBITDA $3,566 $3,812 $4,128