General Electric shares plunge to one-year low after analyst made bearish price target

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The General Electric shares in the stock market settled at its lowest point in one year on Thursday session after posting sharp declines, following a bearish forecast from an analyst at JP Morgan, who slashed the price target for the Dow giant.

Shares of Ge finished at 426.31 per share, a near 4% decline from its closing price in the previous session, to mark its lowest settlement in more than 50 weeks.

The Boston-based industrial mammoth has been on a tough battle against major headwinds throughout the year because of the company’s financial performance. This debacle has weighed in on the fate of the company in the stock market.

On the first six months of 2017, General Electric Co. has tallied a loss of 15% and has since knocked its market value down by over $5 billion.

According to an analyst from the giant financial firm JP Morgan Chase, situation could turn bad to worse for the industrial firm as it slashed its 12-month target price of GE shares from $27 to $22.

This means its shares could suffer a major decline up to 20% after a year.

The company’s current chief Jeff Immelt has announced that his unexpected this year last month. GE announced that the firm has found a replacement for Immelt, which sent GE’s shares surging.

Throughout Immelt’s 16-year service with the firm, shares had lost 29% since 2001, making GE as the worst performing company under the Dow index.

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