GE Tumbles as Key JPMorgan Analyst Returns to Bearish View
- Investors ‘underestimating the severity’ of challenges: Tusa
- Shares had rallied 50% since the analyst’s upgrade in December
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General Electric Co. plunged the most in the S&P 500 after a top analyst recommended selling the battered company’s shares, damping enthusiasm for a nascent turnaround.
JPMorgan Chase & Co.’s Steve Tusa, who famously predicted the manufacturer’s collapse ahead of his peers, renewed his bearish call by downgrading GE to underweight and trimming his price target. With the surprise decision, Tusa walked back a December upgrade that sparked a stock rally.