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General Electric Co. (NYSE: GE) is the top American conglomerate by market capitalization, and the company has been in a multiyear transformation. GE’s stock has also surged off of the lows under $10 during the Great Recession. Many analysts and investors see continued upside ahead. Just don’t tell that to the team at JPMorgan.

Thursday’s top analyst downgrades and negative analyst reports included a big new Underweight rating on GE from JPMorgan. The firm also assigned a $27 price target, implying roughly 11% downside from the $30.34 closing price, without consideration of the dividend yield. An Underweight rating carries the same implication as an “underperform” rating. It is code for “sell.”

GE shares were last seen down more than 1% after this negative report said that GE’s earnings goals to 2018 will remain elusive. The firm sees the oil and gas segment of GE acting as a major headwind. Even though oil has recovered, the report fears that GE’s oil and gas related profits could be half of what they were just in 2015.

Thursday’s call is despite the admission that GE has a huge backlog and a massive buyback plan that is already underway and expected to grow. Steve Tusa, the analyst behind the call, sees $2.00 per share for 2018 as problematic. He said:

While recognizing a bold portfolio transformation, and solid technology potential, we think these positives are more than reflected in GE stock at current levels.

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