GE’s stock keeps falling, heads for 8th-straight loss after analyst cuts target


Shares of General Electric Co.

GE, -1.22%

fell 0.7% in premarket trade Wednesday, putting them in danger of an eighth straight loss, after J.P. Morgan cut its price target to suggest a further 16% selloff. An eight-session losing streak would be the longest since the eight-day stretch ending July 29, 2016. The industrial conglomerate’s stock, on track to open at a 5-year low, has tumbled 15.4% over the past seven sessions, in the wake of third-quarter results. J.P. Morgan analyst C. Stephen Tusa cut his price target to $17, which is 16% below Tuesday’s closing price, from $19, to make him the most bearish of the 20 analysts surveyed by FactSet. He reiterated his underweight rating, which he’s had on GE since May 2016. His lower price target reflects cuts to earnings estimates, on the back of lower profits assumptions from GE’s power business given a lower revenue and margin outlook and accounting-change headwinds. The stock had plunged 36% year to date through Tuesday, while the Dow Jones Industrial Average

DJIA, +0.12%

had rallied 18%.