Looking at a 5 year chart the stock has basically been flat while earning have grown about 10% over the past couple of years. GE should be able to maintain at least a 10% earnings growth rate over the next 5 years. The company's forward p/e is 16.2 which appears quite cheap historically. Considering GE's competitive position to its peers and strong management, the company should realistically trade at a p/e of 20-22.
A 20 p/e times earnings estimates of 2.22 for 2007 equals a $44 stocks price. Add in the 3% dividend yield and you could expect a 25% return within a year. GE isn't going to make you sky-high returns based on the company's enormous size but it may turn out to be an excellent investment considering the risk/reward.
I do not own shares of GE.
GE 5-yr chart: