General Electric's shares rose 7 percent on Friday after the Dow component delivered a positive result in the first quarter.
"But when you start digging into the details and you see what they say is the future of the business, I scratch my head over how [the company] receives guidance today," Tusa said.
RBC Capital, Cowen and CFRA analysts condemned GE's results less negatively, but were still wary of believing that the worst was behind the industrial conglomerate.
"The headlines were encouraging and, given concerns, certainly better than any potential interest rate cut for the year as a whole," wrote RBC analyst Deane Dray.
RBC and Cowen took note of GE's $ 1
With GE's price close to $ 14.50 after earnings, Cowen maintained its target price of $ 12, the second lowest among JP Morgan's target. CFRA reduced its target to $ 16, a $ 2 move from its previous target for the stock.
"We do not think it's worth investing in the stocks despite the under-market valuation," CFRA analyst Jim Corridore wrote.
"Better than feared" can be found in the reports of Cowen and RBC. But the same vicious prospects as those of CFRA permeate the conclusions throughout the research. Dray of RBC called GE's confirmation of his earnings forecast for 2018 a "big surprise", adding that his company still holds an estimate of 92 cents, "in particular below" GE's lead of at least $ 1.
Even the Industrieanalyst Brian Langenberg, a long-term bull with a target price of $ 25 for GE, said he was not "impressed" by GE's findings.
"The electricity business should be an important driver and profitability dropped by almost 40 percent," said Langenberg on the results for the first quarter. "Until the power supply has been repaired, and that's far from over, the stock just goes that far."
Tusa joined Langenberg to investigate the GE engine and called the results "definitely worse than expected."
"It looks like they should have really lowered the lead, and we continue to believe that the numbers will go down if we look at the rest of the year," Tusa said.
GE's story is about the company's free cash flow, Tusa said. Compared to other "high-quality" industrial companies such as Honeywell, 3M and United Technologies, Tusa said that GE's multiplier is valued at $ 10 to $ 11 per share.
"It's very simple math and it's coming into view, Tusa added.
GE's share has fallen more than 52 percent in the last 12 months, reaching $ 14.64 on Friday afternoon , 4.7 percent a day.