General Electric (GE) posted a rare jump on Thursday as Stephen Tusa of J.P. Morgan flexed his muscles in an early morning research release.
Shares leapt up 7.3% on the day, raising the price of shares to $7.20.
The note outlines that the Boston-based company may have a bottom appearing, as Tusa outlined the large degree of downside that has become priced in.
That said, Tusa's price target remains well below the company's close on Thursday and an upside target not far above that price. Meanwhile, other bears were unfazed based upon the significant problems that remain, mainly on the company's balance sheet and its persistent sale of assets.
Further, the technical indicators have shown that the bottom may still have time to be built in.
"It would be nice to believe that we are looking at the low for GE," Real Money's technical analyst Bruce Kamich said of the rebound from December's lows. "The reality is if GE is bottoming it will be a process."
For more on what to look at in the broader market and GE's journey out of the wilderness, check out Real Money's markets wrap.
