JPMorgan's Tusa gets more negative on GE: 'We see little equity value here'

A logo is displayed next to a gas turbine at the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.
Sharrett / Bloomberg / Getty Images

(This story is for CNBC Pro subscribers only). 

General Electric has a bumpy road ahead and won't be seeing a "V-shaped" recovery, JPMorgan analyst Stephen Tusa said in a note Monday. 

The ailing industrial giant beat Wall Street revenue expectations for its second quarter, but its stock has since lost ground. JPMorgan previously had a $5 target on the stock, but with its estimates falling again, it pulled its target completely, saying "we see little equity value here."

"For GE, we see a company that continues to contend with its past, unable to move forward, with a mosaic of negative signals suggesting no quick turn, and a continued defensive approach in its communications," the note said.