GE Aerospace: Q2 preview - Expect upside to guidance as fuel price pressure moderates; Maintain Outperform, target $405

研报英文原文证据摘录

GE Aerospace: Q2 preview - Expect upside to guidance as fuel price pressure moderates; Maintain Outperform, target $405

14 July 2026

Douglas S. Harned, Ph.D.

+1 917 344 8430

Global Aerospace & Defense douglas.harned@bernsteinsg.com

Adrien RabierGE Aerospace

+44 20 7676 6820

Rating adrien.rabier@bernsteinsg.com

Outperform Nestor Wester

+44 20 7676 7067

Price Target nestor.wester@bernsteinsg.com

GE 405.00 USD Specialist Sales

Steve Song

+1 917 344 8401

steve.song@bernsteinsg.com

GE Aerospace: Q2 preview - Expect upside to guidance as fuel

price pressure moderates; Maintain Outperform, target $405

GE had a strong Q1, although the stock fell sharply after reporting, with war underway

Close Date 13 Jul 2026

between the US and Iran (see, “GE Aerospace: Tainted Love - But, no need to run away”). Q1

GE Close Price (USD) 353.42

results were above consensus, but with no change in guidance, given uncertainty around the

Price Target (USD) 405.00

potential impact of the Iran conflict. We see risks as moderating, which should provide GE

Upside/(Downside) 15%

more confidence in its outlook. GE shares have recovered to move higher than even pre-war

52-Week Range 382.97/254.66

levels. There remains uncertainty regarding the situation in Iran and if it could take fuel prices

SPX 7,515.34

higher again - a problem for many airlines. For now, we go with the assumption that President

FYE Dec

Trump does not want to see highly elevated oil prices for an extended period, which should

Div Yield 0.5%

lead to an effectively open Strait.

Market Cap (USD) (M) 368,736

After Q1, we raised our already above-consensus numbers further. We have now EV (USD) (M) 416,464

lowered them slightly, as corporate costs and eliminations appear higher than our earlier Performance YTD 1M 6M 12M

assumptions.