Goldman Sachs is turning bullish on GE HealthCare as the outlook on the Chinese market improves. Analyst David Roman upgraded shares of the medical technology stock to buy from neutral and hiked his price target by $15 to $100. Roman’s refreshed target for shares implies an advance of 17.2% above Monday’s closing level. Roman said the firm’s previous thesis on the stock revolved around growth between 4% and 5% in the company’s base business offset by headwinds to China sales. Now, he said that sales in the country are stabilizing and can return to 2023 levels by 2026 — faster than originally anticipated. Roman also increased earnings per share forecasts for each year between 2025 and 2028. While he said President Donald Trump’s tariff policy remains an overhang on his thesis, the company should not be uniquely impacted by the levies. “We … believe that a faster turnaround in China and [profit-and-loss] leverage can more than offset the known tariff risk,” Roman said. “As is the case across global MedTech, it is hard to quantify the risk of future potential tariffs, but we do not see GE Healthcare as disproportionately exposed vs. any other company to Mexico, Canada, or the EU.” Roman’s upgrade puts him in the majority among analysts. The majority surveyed also have buy ratings, according to LSEG. Shares popped 1.8% in Tuesday’s premarket. The stock has added more than 9% in 2025, bucking the broader market’s downtrend.
