As the dust settles on the breakup of the industrial conglomerate known as General Electric, markets are still trying to figure out how to price the different parts of the business. Shares of GE Aerospace (GE 0.81%) traded up 5% as of 10:30 ET on Friday as investors took a fresh look at the potential of the aircraft-focused part of the business.

A powerful force unleashed

Amid all the issues experienced by General Electric over the last decade, aerospace was always a standout piece of the operation. The GE ticker took a plunge earlier this week to reflect that its energy business is now trading as a new entity, GE Verona, but the stock is slowly climbing back toward previous highs thanks to the potential of the aerospace market.

GE Aerospace has exposure to some of the best-selling aviation platforms, including the Boeing 737 MAX and the Airbus A320 neo, thanks to its stake in the CFM International engine joint venture.

Both Boeing and Airbus have order backlogs that will last through the rest of the decade, providing predictable growth. GE Aerospace also could have opportunities to take market share from rival RTX thanks to issues with that company's Pratt & Whitney engines.

Half a dozen analysts have adjusted their price targets on GE downward this week to reflect the spinoff, but only one of those targets is below GE Aerospace's current share price.

Now flying solo, is GE Aerospace stock a buy?

GE Aerospace faces some near-term headwinds, including Boeing's ongoing issues with the 737 MAX and questions about how rapidly engine companies can ramp up production. But its potential for long-term growth is hard to ignore.

For years, even as GE struggled under the weight of its debt burden and due to problems in its energy business and elsewhere, investors marveled at the strength of its aerospace segment and the potential for growth from here. Now, investors finally have the chance to buy into that potential without the baggage.

For long-term focused investors, GE Aerospace ranks as one of the more attractive opportunities in its sector.