JP Morgan: Don't buy the GE rebound, abrupt CEO change could mean 'serious issues at play'

General Electric’s move to oust John Flannery as chief executive is no reason to celebrate, and may in fact be a sign of “serious issues at play,” according to J.P. Morgan.

Equipment and industrial analyst Stephen Tusa reiterated both his underweight rating and $10 price target on GE shares Monday, telling clients that investors may be wrong to celebrate the switch given the suspicious timing. Flannery took on the job in August 2017.

“A change of this magnitude at this point, with no real details and no conference call, is negative, in our view. It could be that there are preparations that need to be made in providing more details and holding a…

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