Investing.com - General Electric (NYSE:GE)'s stock will benefit from management's latest plan to cut costs and raise cash, according to Oppenheimer.
In a note to clients, the Wall Street firm upgraded the struggling industrial giant from underperform to perform.
GE now plans to spin off its healthcare business and sell its stake in Baker Hughes as part of a sweeping turnaround plan.
The overall plan calls for General Electric to reduce its debt by $25 billion and sell $20 billion in assets by 2020.
The company recently lost its place as a member of the Dow Jones Industrial Average, a spot it had occupied for more than 110 years.
GE stock has lost almost half of its value in the past year.