Widely followed GE analyst Stephen Tusa says comeback has ‘gone way too far’

Widely followed GE analyst Stephen Tusa says comeback has 'gone way too far'

General Electric stock has shot up over 50 percent in the last three months but that comeback “has gone way too far,” J.P. Morgan analyst Stephen Tusa told CNBC on Wednesday.

Tusa was critical of the idea that GE’s stock should rise because of CEO Larry Culp for providing more insight to the company’s business.

“You don’t just get an entitlement for saying ‘we’re going to call it what it is and we’re going to operate above board,'” Tusa told CNBC’s “Squawk on the Street.”

Tusa gained a following on Wall Street for his work on GE after his negative call in May 2016. He was the first to warn investors that shares of the one-time Dow Jones Industrial Average member were going to fall, back when the stock was above $30.

GE’s stock jumped on the day J.P. Morgan upgraded the company’s rating to neutral from underperform in December.

GE shares opened trading Wednesday up 1.2 percent at $10.83 a share.

This story is developing. Please check back for updates.

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