Shares in General Electric Co ( NYSE:GE ) shot up after Barclays upgraded General Electric to overweight from equal weight on Monday, saying the new CEO Larry Culp will lead a turnaround and most of the possible bad news is already priced into the stock. CNBC reported that Baclays analyst Julian Mitchell's 12-month price target remains at $16, which represents a 21% jump from Friday's close of $13.18. But Mitchell also laid out a "blue sky" scenario that takes the stock to more than $20 a share if Culp can aggressively improve profitability. "We think the upside potential in the shares is considerable now that an outside CEO has been put in place, which substantially increases the range of possibilities that could be pursued at GE, in terms of both the pace of restructuring as well as broader strategic options," wrote analyst Julian Mitchell.