GE's stock slips, as J.P. Morgan's Tusa throws shade on recent rally [MarketWatch]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: MarketWatch
GE's stock slips, as J.P. Morgan's Tusa throws shade on recent rally Shares of General Electric Co. GE, -1.62% fell 1.5%, to extend their pullback from Friday's one-year closing high, after J.P. Morgan's bearish analyst Stephen Tusa indicated he didn't buy the recent raised outlook by management and resulting stock surge. Tusa reiterated his underweight rating and stock price target of $5, which was 47% below current levels. Since the company reported third-quarter results before the Oct. 30 opening bell, the stock had soared 27% through Nov. 8, when the stock closed at a one-year high. It has pulled back 2.3% since then. "Key to the recent bounce in GE stock is the notion that management has set a bottom on fundamentals, with the company "raising" guidance a sign of change in the revision trajectory," Tusa wrote in a note to clients. "We disagree," he said, as "lost in the noise" was the fact that GE missed guidance on core business earnings before interest and taxes (EBIT). He sa
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