General Electric has a bumpy road ahead and won’t be seeing a “V-shaped” recovery, JPMorgan analyst Stephen Tusa said in a note Monday.

The ailing industrial giant beat Wall Street revenue expectations for its second quarter, but its stock has since lost ground. JPMorgan previously had a $5 target on the stock, but with its estimates falling again, it pulled its target completely, saying “we see little equity value here.”

“For GE, we see a company that continues to contend with its past, unable to move forward, with a mosaic of negative signals suggesting no quick turn, and a continued defensive approach in its communications,” the note said.

– CNBC.