GE Stock Hits a New High After an Old Bear Went Into Hibernation

Shares of

General Electric

hit a new intraday high Monday after an analyst who had been the company’s biggest bear dropped his coverage.

J.P. Morgan

analyst Stephen Tusa, whose $50 price target on the stock was the lowest among analysts by a wide margin, will no longer cover the shares (ticker: GE). As the American industrial conglomerate breaks itself up, coverage at J.P. Morgan has fallen jointly to aerospace analyst Seth Seifman and alternative energy analyst Mark Strouse.