JPMorgan analyst C. Stephen Tusa lowered his price target for shares of General Electric to $14 from $16 while maintaining an Underweight rating on the name. The stock closed Friday up 47c to $14.94.

The company's fundamentals remain "challenged/mixed," and are showing "few signs of a snapback," Tusa tells investors in a research note. GE's portfolio is still low growth, with weak free cash flow and too much leverage, raising a question around whether an equity raise is possible, Tusa writes. The analyst does not think the company needs to raise capital as of yet, but adds "it would certainly help to de-risk from any capital markets volatility, and provide an accelerated pathway to greater optionality." Tusa argues that the value that is left over for equity holders is below where the stock currently trades.

His sum-of-the-parts value for GE is $13, with downside to $10-$11 per share "depending on the outcome of certain liabilities that are tough to call but have historically been money bad."