Goldman gives General Electric a buy rating, says the stock has 50% upside

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General Electric's performance has bottomed out, and it's time for investors to jump in and ride the upswing, Goldman Sachs said in a note to clients Friday. 

The firm reinstated coverage of the legacy industrial stock with a buy rating, and GE's stock rose 2.9% on Friday.

"Admittedly, we might be a little early on the turn in the stock, but we believe we are at a bottom from both a fundamental and sentiment perspective, and that is typically the best time to own industrial cyclicals," the note said.