GE HealthCare neutral at UBS citing valuation
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UBS has initiated GE HealthCare Technologies (NASDAQ:GEHC) with a neutral rating saying that while the stock is poised for long-term upside, a discount is warranted on the price as a new company.
The firm has a price target of $86 (~7% upside based on Tuesday's close). 
Analyst Graham Doyle said that in the long term, he is at the low end of management's guide for mid-single digit revenue growth (5% CAGR 2023-27E) and a margin of high teens to 20%.
In the near term, however, he sees GE HealthCare (GEHC) beating its first EPS guidance.
"We do not see much upside to our forecasts as whilst we expect share gains in Patient Care (16% revs) and Ultrasound (32% revs), we do not see scope for meaningful gains in Imaging (54% revs)," Doyle wrote. "We are also relatively cautious on mid-term margin expansion, expecting it to deliver a 17.4% margin by 2024E, which compares to mid-term guidance for high teens to 20%." 
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