NEW YORK (TheStreet) -- General Electric (GE - Get Report) has a "potential downside surprise" for investors Tuesday as it prepares to share its 2015 outlook with investors, according to a report Monday from JPMorgan analyst Steve Tusa.

"Oil & gas is the question mark, and we are cautious here -- we still show growth for '15, reflecting weakness in '16 given the longer cycle nature of the business, though recent data points suggest there could be some impact to shorter cycle aspects of the business in '15," Tusa wrote.

Read more: Oil and Gas MLPs Gets Hammered--And May Look Like Bargains Soon

Oil and gas-related exposure accounts for 25% of revenue in GE's industrial segment, with the oil and gas division accounting for the bulk of that total. GE's power and water segment also has significant exposure to oil and gas, according to Tusa's report.

The swift decline in oil prices has hurt stocks across the board in recent days, despite the view that lower energy prices should help the economy as a whole.

General Electric shares have fallen 5% over the past three months, compared to a 23% drop in the Dow Jones U.S. Oil and Gas Index. The S&P 500, meanwhile, is down 0.5% over the same time period.

A presentation last week from another diversified industrial company, Dover Corp. (DOV - Get Report) "hammered home the risk" in the energy sector, according to Tusa.

"We think management teams will now have to adopt a more realistic view, with the magnitude of downside the only real question mark," he wrote Monday.

Tusa has urged industrial sector investors to be "cautious on the oil & gas space," adding they should "avoid companies ... with outsized exposure," including GE, Dover, Emerson Electric (EMR - Get Report) and Rockwell Automation (ROK - Get Report) .

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