GE Aerospace (GE -1.44%), the largest of the three industrial stocks that spun off from one-time industrial behemoth General Electric, reported a strong earnings beat last week, exceeding analyst expectations on both the top and bottom lines. Management promised "a new beginning" and a "multi-year transformation" to its shareholders -- and raised its guidance on both profits and free cash flow to prove it.

At least one interested party seems convinced. On Sunday, Wells Fargo analyst Matthew Akers raised his price target on GE Aerospace stock to $192 a share, implying a 17% upside over the next 12 months from Monday's $164 closing price.

Is GE Aerospace stock a buy in 2024?

According to data from TipRanks.com, Akers's price target is now the third-highest price target on Wall Street for GE stock. Only Goldman Sachs and Deutsche Bank are more optimistic. In his note, Akers expressed surprise that GE managed to beat "already high expectations" for the company's performance in Q1 2024.

But what about Q2, Q3, and Q4? And what about the years that will come after? Can GE continue exceeding expectations going forward?

I have to say that's going to be a tough row to hoe. After doubling over the past year, GE Aerospace stock now has a market capitalization of $180 billion and sells for a hefty 51 times trailing earnings. Granted, most analysts expect the company to grow earnings quickly -- 33% annualized growth over the next five years is the consensus, and management is saying that demand for its aircraft engines remains strong.

Even so, this valuation leaves the stock with a pricey price/earnings-to-growth (PEG) ratio of 1.5. But it's not easy for a company with $70 billion in annual sales to maintain a 33% annual growth rate. And any failure to grow as fast as it's projected to grow -- for example, if Boeing's production problems slow demand for LEAP engines -- could cause GE shares to fall in price.

Long story short, GE shares look priced for perfection today. Nothing less than perfection can sustain them at these prices.