Shares of General Electric Co. /zigman2/quotes/208495069/composite GE -1.01% fell 1.5%, to extend their pullback from Friday's one-year closing high, after J.P. Morgan's bearish analyst Stephen Tusa indicated he didn't buy the recent raised outlook by management and resulting stock surge. Tusa reiterated his underweight rating and stock price target of $5, which was 47% below current levels. Since the company reported third-quarter results before the Oct. 30 opening bell, the stock had soared 27% through Nov. 8, when the stock closed at a one-year high. It has pulled back 2.3% since then. "Key to the recent bounce in GE stock is the notion that management has set a bottom on fundamentals, with the company "raising" guidance a sign of change in the revision trajectory," Tusa wrote in a note to clients. "We disagree," he said, as "lost in the noise" was the fact that GE missed guidance on core business earnings before interest and taxes (EBIT). He said the way the company avoided a "miss" despite weakness in its core business by using GE Capital to influence profits and shifting losses to corporate suggests the "historic culture" remains unchanged. "We don't deny companies the right to use all the degrees of freedom afforded by a diversified portfolio," Tusa wrote. "However, the apparent continuation of these dynamics supports are view that there are substantially fewer options for a clean break from the past, and that looks to us like it's ultimately unsustainable." The stock has run up 55% year to date, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.10% has gained 19%.