Bank of America upgrades GE, says earnings give it 'more confidence' in the turnaround story

Larry Culp, CEO, General Electric
Scott Mlyn | CNBC

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Bank of America raised its rating on General Electric's stock to buy from neutral, as the firm said it has "more confidence" in the embattled industrial conglomerate's ability to perform moving forward.

The upgrade comes after GE delivered fourth-quarter results on Wednesday that topped analyst expectations, including a better-than-anticipated 2020 forecast for its cash flow.

GE shares rose 10.3% in trading to close at $12.94.