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General Electric Co. shares slid almost 3% in premarket trade Friday, after JPMorgan analyst Stephen Tusa slashed his stock price target to $6 from $10 and said the company's recent earnings were worse than expected on almost all fronts. Forecasts for free cash flow and EBITDA moved materially lower, while a material change in language from the 10Q suggest a negative step down in leverage. "Some sell-side bulls now point to "liquidity concerns" as the driver of share price weakness, though this misconstrues the Real Bear Case (RBC) - namely $100 billion in liabilities and zero enterprise FCF even after a 95% dividend cut," Tusa wrote in a note. "While the stock is down ~70% from the peak of $30, this move still does not sufficiently reflect the fundamental facts, in our view." Tusa is expecting a deterioration in run rate fundamentals to continue and predicts that by 2020, six of eight segments will be showing "zero" free cash flow. He is sticking with his underweight rating on the stock. Shares have fallen 47.9% in 2018, while the S&P 500 has gained 5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.