Skip to Content

Joshua Aguilar

Joshua Aguilar is the director of resources equity research for Morningstar.

More From Joshua Aguilar

GE’s 2021 industrial free cash flow guide calls for $2.5 billion to $4.5 billion of industrial free cash flow, above our prior expectations. As a result, we are raising our fair value estimate.

We raise our fair value estimate to $180 per share, from $166 previously. It is our hope that the company continues to deliver on growth once again and re-earn both its premium multiple and reputation as a reliable short-cycle business, whose stocks are best to buy in the early parts of the cycle.

After reviewing wide-moat-rated 3M’s latest second-quarter 2020 results, we slightly lower our fair value estimate by about 2% to $166 per share (from $170 previously).

We maintain our valuation for now as GE’s 2020 outlook is in line with our expectations for revenue, adjusted EPS, and industrial free cash flow.

It may not be a pound-the-table bargain, but we like it as a defensive stock.

We don't think so, and we're still confident in CEO Larry Culp.

More About Joshua Aguilar

Joshua Aguilar is the director of resources equity research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

Aguilar joined Morningstar in 2016 as an associate on the financials team, and he was promoted to analyst on the industrials team in 2018 and to senior analyst in 2022. He has served as associates coordinator since 2021 and led Morningstar's diversity efforts as DEI co-chair since 2020. Aguilar has been a mentor to several associates on their paths to becoming analysts. He also has hosted a Morningstar earnings town hall, participated in analyzing Morningstar stock, and been a strong contributor through both client interactions and his General Electric stock call. Aguilar co-authored an Outstanding Research Achievement-winning piece with colleague Kris Inton on CEO compensation in 2021. He also has taught Morningstar's model to new hires for many years as part of the valuation committee.

Before joining Morningstar, Aguilar was a practicing business transactional attorney in Florida. He graduated magna cum laude with a bachelor's degree in political science and criminology from the University of Florida. He also has a Master of Business Administration from Rollins College and a Juris Doctor from Wake Forest University.

Sponsor Center