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JPMorgan analyst Stephen Tusa points out that Warren Buffett’s past involvement in General Electric (GE) has ended up being wrong from a “stock and valuation perspective.”

Following this week’s speculation of a potential Buffett stake, Tusa expresses greater conviction in his Underweight rating on GE with an $11 price target. The analyst wonders why, if things aren’t so bad, GE would the company’s need Berkshire’s capital or validation. Buffett or not, numbers matter, Tusa writes in a research note.

The stock in early trading is down 6c to $13.62.

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