JP Morgan's Stephen Tusa says GE's comeback has 'gone way too far' and stock still has downside

General Electric stock has shot up over 50 percent in the last three months but that comeback "has gone way too far," J.P. Morgan analyst Stephen Tusa told CNBC on Wednesday.

Tusa spoke to CNBC's "Squawk on the Street"

GE shares opened trading up 1.2 percent at $10.83 a share.

Tusa gained a following on Wall Street for his work on GE after his negative call in May 2016. He was the first to warn investors that shares of the one-time Dow Jones Industrial Average member were going to fall, back when the stock was above $30.

GE's stock jumped on the day J.P. Morgan upgraded the company's rating to neutral from underperform in December.

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