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General Electric's Stock Falls After J.P. Morgan Analyst Reiterates Bearish View -- MarketWatch
DOW JONES & COMPANY, INC. 1:06 PM ET 9/19/2017
Symbol Last Price Change
GE 24.065up -0.395 (-1.61%)
QUOTES AS OF 01:52:20 PM ET 09/19/2017
Shares of General Electric Co.(GE) sank 1.4% in midday trade Tuesday, after J.P. Morgan analyst Stephen Tusa reiterated his bearish view (http://www.marketwatch.com/story/ges-stock-tumbles-to-2-year-low-after-jp-morgan-gets-more- bearish-2017-09-07) on the industrial conglomerate, suggesting that just because the stock keeps getting cheaper doesn't make it more attractive. Tusa kept his rating at underweight, which he's had on the stock since May 2016, and his stock price target at $22, which is 8.8% below current levels. He said as the stock's weakness continues, investors and analysts appear to try to create a bullish narrative, based mostly on how far the stock has fallen and underperformed its peers and the broader market, but analysts have been careful not to raise their ratings. "We believe this defines sentiment on the stock, which is somewhere between somewhat negative, and what we would characterize as 'chicken bullish,' with a common theme [that] it's not that bad, understandable in the context of a sector that typically mean reverts," Tusa wrote in a note to clients. "This is essentially a denial that fundamentals could be this bad, and there is nothing that simple cost saves can't take care of, something that was not obvious to the previous 15 years of management." The stock, which closed at a 2-year low of $23.72 on Sept. 11, has tumbled 24% so far this year, while the Dow Jones Industrial Average has climbed 13%.

-Tomi Kilgore For more from MarketWatch: http://www.marketwatch.com/newsviewer