GE shares fall as J.P. Morgan analyst downgrades, lowers PT further

FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company's site of its energy branch in Belfort, France, February 5, 2019. REUTERS/Vincent Kessler/File Photo

Tusa, a long-time bear on the stock, cited significant liabilities and little free cash flow to support the company’s ongoing reset and cut his rating to “underweight” from “neutral”, an about-turn from his upgrade in December. Tusa said investors are “significantly over projecting” the bounce in free cash flow and sees weakness in the company’s power and renewables unit.

GE’s new Chief Executive Officer Larry Culp in March called 2019 a “reset year” and said free cash flow at GE Power would turn positive only in 2021.

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