Merrill Lynch has made a key reversal call in the conglomerate sector. It has raised General Electric (NYSE: GE) to Buy from Neutral, and it has downgraded 3M (NYSE: MMM) to Neutral from Buy.
GE shares are up about 1.5% at $36.15 in early pre-market trading, while 3M shares are down 1% at $78.66.
Jeff Immelt is doing rather well on his recent GE share purchases.
Jon C. Ogg
March 20, 2008