Watch out for an ‘unfavorable’ GE earnings report,

Simon Dawson | Bloomberg | Getty Images

Employees stand as a subsea oil and gas tree is maneuvered by a crane at the General Electric Co. (GE) manufacturing plant in Montrose, U.K.

General Electric’s upcoming earnings report will likely be “unfavorable” for the stock after its recent run up, J.P. Morgan said on Tuesday.

“We think the recent stock move is built upon an expectation of more certainty in the path forward,” J.P Morgan’s Stephen Tusa told investors in a note.

“If we don’t get much tangible” when GE reports fourth quarter earnings on Jan. 31, Tusa said that J.P. Morgan believes “it will reinforce the Bear case that there is no concrete silver bullet plan.”

GE’s “myriad of moving parts” creates uncertainty for the stock, Tusa said. He said that uncertainty stems from both questions about the financial future of the company as well as the scope of GE’s persisting issues.

GE shares rose 0.3 percent in premarket trading from Monday’s close of $8.90 a share. Tusa has long been bearish on GE. He upgraded J.P. Morgan’s outlook on the shares to neutral from outperform when the stock was below $7 a share on a more “balanced risk reward at current levels.” GE shares have risen more than 30 percent since Tusa’s upgrade.