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GE’s Top Wall Street Critic Upgrades, Says ‘We Were Wrong’

  • JPMorgan’s Tusa upgrades to neutral from underweight
  • Shares rose as much as 3.5%, but pared gains to fall 0.6%
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General Electric Co. is gaining some favor over its top skeptic in Wall Street, who cited a better-than-expected performance last year.

JPMorgan’s Stephen Tusa upgraded the shares to neutral from a sell-equivalent rating, citing 2019’s free cash flow that topped his predictions as well as an improved outlook for 2020. The analyst has held an underweight stance on the stock since April.