J.P. Morgan's Stephen Tusa downgraded General Electric shares to underweight from Neutral and cut his 12-month price target to $5 from $6.
J.P. Morgan's Stephen Tusa downgraded General Electric shares to underweight from neutral and cut his 12-month price target to $5 from $6.
div > div.group > p:first-child"> "We believe many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of small positives, and with a 38% move in the stock year to date, and >50% cuts to forward fundamental FCF anchors, we are cutting our [price target] and moving to" underweight, wrote Tusa in a note to clients Monday.
GE shares lost 6 percent in premarket trading to $9.38 on the call from the influential analyst. Tusa first went negative on the stock back in May 2016 before most on Wall Street. He then helped spur a turnaround in the shares in December when he upgraded the stock to neutral from underweight.
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