General Electric Estimates Cut by Analysts

General Electric saw 2009 profit estimates cut by Citigroup and Credit Suisse.
Publish date:

Updated from 12:16 p.m. EDT

Several analysts cut earnings estimates for

General Electric

(GE) - Get Report

on Thursday.

The cuts follow Thursday's six-hour conference call, in which executives at

GE Capital

, the conglomerate's outsized finance unit, gave details on a range of issues such as its capital position, the quality of its real estate holdings and its exposure to the U.S. consumer. The company also shed light on its European banking business.

Credit Suisse analysts write that while GE Capital's level of capitalization compares favorably with other financial services companies, there still remains a question about whether it will need to raise outside equity. GE CFO Keith Sherin was "pretty adamant" that such a step would not be necessary, the report states. Citi analysts think GE can avoid raising external capital, they write.

Credit Suisse cut 2009 estimates by 15 cents, to $1.05 per share. Citi analysts chopped their projection by a dime to $1.10. Deutsche Bank and Sterne Agee analysts were even more aggressive, slashing estimates to 97 cents and $1, respectively. The analysts also lowered 2010 projections.

The consensus analyst estimate for 2009 is a profit of $1.10 a share, according to Thomson Reuters. Analysts see GE earning $1.08 a share in 2010.

GE shares recently were falling 6.6% to $9.46.