General Electric Co. (GE) fell to its lowest in more than eight years on Friday, Nov. 9, after one of its best-followed and most-critical analysts lowered his price target for the beleaguered industrial conglomerate to $6 a share. The move stripped GE of more than $6 billion in market capitalization.

JPMorgan's Stephen Tusa, who had an underweight rating on the stock since May 2016, said the Boston-based company's third-quarter results were "worse than expected on almost all fronts," as he noted that forecasts for free cash flow and Ebitda are moving "materially lower."

"Some sell-side bulls now point to 'liquidity concerns' as the driver of share price weakness, though this misconstrues the Real Bear Case -- namely $100 billion in liabilities and zero enterprise [free cash flow] even after a 95% dividend cut," Tusa wrote in a Nov. 9 research note. "While the stock is down approximately 70% from the peak of $30, this move still does not sufficiently reflect the fundamental facts."

Tusa expects six of eight business segments to show "zero" free cash flow by 2020.

The analyst slashed his price target to $6, the lowest on Wall Street, from $10.

GE, which typically doesn't respond to individual analyst notes, disputed the report out today. 

"GE is a fundamentally strong company with a sound liquidity position. We are taking aggressive action to strengthen our balance sheet through accelerated deleveraging and position our businesses for success," the company said via email. 

Shares of GE fell 5.7% to $8.58 on Friday, marking the first time since March 2009 that shares have fallen below $9. GE stock has fallen about 50.8% year to date.

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