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The worst might not be over for General Electric.

Despite GE's (GE) 2019 stock surge, Gordon Haskett analyst John Inch believes the company's cash flows are likely to remain "extremely challenged."

GE fell as much as 2.5% on Friday after Inch slashed his GE price target from $10 to $7. He cited a "slower global economy," the loss of earnings from selling off its businesses, and huge question marks at GE Capital.

After plunging 57% in 2018, Wall Street optimists bid GE 18% higher so far this year. That makes GE one of the top stocks in the S&P 500.

But Inch isn't a believer in the turnaround story.

“We continue to caution that GE could be worth $5," he wrote.

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