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General Electric's upcoming earnings report will likely be "unfavorable" for the stock after its recent run up, J.P. Morgan said on Tuesday.
"We think the recent stock move is built upon an expectation of more certainty in the path forward," J.P Morgan's Stephen Tusa told investors in a note.
"If we don't get much tangible" when GE reports fourth quarter earnings on Jan. 31, Tusa said that J.P. Morgan believes "it will reinforce the Bear case that there is no concrete silver bullet plan."
GE's "myriad of moving parts" creates uncertainty for the stock, Tusa said. He said that uncertainty stems from both questions about the financial future of the company as well as the scope of GE's persisting issues.
GE shares fell 0.4 percent in premarket trading from Monday's close of $8.90 a share.
Tusa became well known on Wall Street for warning J.P. Morgan's clients that GE stock was overvalued. He held an underperform rating on GE for two years as the shares slid from $30 to $7.
Last month, Tusa upgraded J.P. Morgan's outlook on the shares to neutral, saying the stock had a more "balanced risk reward at current levels." GE shares have risen more than 30 percent since Tusa's upgrade.