A read of the General Electric (GE), Wabtec (WAB) transportation deal proxies suggests "caution is warranted" in taking the forecasts "to the bank," JPMorgan analyst Stephen Tusa tells investors in a research note. The situation "looks eerily similar" to GE's Baker Hughes (BHGE) deal, where management went from pitching $8B in future EBITDA several years forward to "slowly pulling annual guidance once public," with a consensus that is now at $5B, Tusa writes. For good measure, the analyst calls that deal's lowered guidance "still a stretch." He believes that as each of GE's Industrial businesses get broken out clearly with "clean GAAP" transparency, the less impressive the financials look. Tusa keeps an Underweight rating on General Electric.