If there's been one analyst who's nailed the fall of General Electric (GE - Get Report) , it's been JPMorgan's Stephen Tusa.

GE stock is now down about 30% from its summer highs and 38% from its 52-week highs. Tusa has contistantly been ahead of the decline, particularly the one throughout late-summer.

A few weeks ago, Tusa cut his price target down to $20 ahead of earnings. After the results -- which were worse than expected, with a big decline in full-year guidance and large miss in earnings per share for the current quarter -- Tusa said the results reaffirmed his downbeat outlook. That's why he slashed his price target once again, from $20 down to $19.

Aside from the poor earnings and swift decrease in guidance, another concern is the dividend. Analysts have been piping up about the dividend, suggesting a cut may be near. Given GE's cash flow situation, a dividend cut is almost certain. The only question is, how much? For its part, management said it will evaluate the dividend and provide more clarity during its November 13 investor meeting.

On Wednesday, Tusa was back at it again, slashing his December 2018 price target to $17. He did so due to the assumption of lower Power profits and "higher accounting-change headwinds." He also cut his 2018 earnings per share estimate to $1.05 from $1.15, as well as his 2019 estimates to $1.15 from $1.25.

Not surprisingly, Tusa maintains his underweight rating. GE stock is down 50 basis points in Wednesday's premarket trading session, to $20.06. For investors, it's even more frustrating to see how some of GE's larger industrial peers are faring, with United Technologies (UTX - Get Report) and Honeywell (HON - Get Report) both trading higher on the year. Another, Boeing (BA - Get Report) , is doing great in 2017, up more than 65%. 

General Electric stock ended the session much like it started, falling 69 basis points $20.02.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.