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Citi reinstates GE at a buy, says stock can rise more than 30%

Technicians build LEAP engines for jetliners at a General Electric (GE) factory in Lafayette, Indiana, on March 29, 2017.
Alwyn Scott | Reuters

General Electric is making notable progress in its rebuilding, and shareholders should see a big benefit this year, according to Citi.

Analyst Andrew Kaplowitz reinstated the bank's coverage of the stock with a buy rating, saying in a note to clients on Thursday night that GE's turnaround plan was "largely on-track." Shares of the industrial company are up about 20% year to date.

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