General Electric Co.’s stock GE, -2.77% slumped 2.8% Monday, to pace the Dow Jones Industrial Average’s losers, as it closed at a 7-week low. J.P. Morgan analyst Stephen Tusa reiterated his underweight rating and stock price target of $11, which is 20% below current levels, saying he still sees the need for the industrial conglomerate to cut its dividend and raise cash in order to “de-risk substantially.” Last week, Tusa said the company’s GE Capital business remained an “underappreciated risk.” The stock has now tumbled 10% since Chief Executive John Flannery started speaking at an industry conference on May 25, but is still 6.9% above the April 9 nine-year closing low of $12.83. The stock has plunged 21.4% year to date, to be the Dow’s worst performer so far this year. Meanwhile, the Dow has gained 0.4% this year.
GE's stock falls to lead Dow losers; closes at a 7-week low
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