- GE is facing a fundamental problem, said JPMorgan analyst Stephen Tusa.
- The company recently reported disappointing quarterly earnings results.
General Electric is getting slammed Friday, down more than 9%, after JPMorgan slashed its price target from $10 to $6, the lowest on Wall Street. Shares are trading at their lowest level since March 2009.
"The recent pull back seems capitulatory, but the brief share price increase prior to this on a new CEO, along with sell side upgrades adding to the positive shift in sentiment, still pointing to $1 in EPS potential, did not reflect what we now know around the numbers," said Tusa.