GE Tumbles After Analysts Absorb OutlookBy
What a difference a weekend makes. After General Electric Co. issued a dire outlook last week, analysts cut their 52-week price targets on the conglomerate, sending shares down as much as 6 percent Monday. JPMorgan Chase & Co.’s Steve Tusa trimmed his forecast to $19 a from $20 while maintaining an “underweight” rating. Morgan Stanley’s Nigel Edward Coe went further, slashing his target to $22 from $25 and downgrading the stock to “underweight.” Still, the majority of analysts surveyed by Bloomberg have the equivalent of a “buy” rating for GE, giving the company a consensus target of $25.31.