Even after yesterday's Transportation deal, General Electric needs $32B in capital to mathematically hit 2.5 times leverage, well in excess of the initial $20B "investors had been treating as a silver bullet," and a target the company is "clearly missing," JPMorgan analyst Stephen Tusa tells investors in a research note. The analyst does not see how GE can't be considering "at least a dividend cut and/or a more aggressive approach to reinforcing its capital base." Relying on rising interest rates to take care of the pension liability would be an "irresponsible strategy" for any management or board, Tusa contends. The analyst keeps an Underweight rating on the shares with an $11 price target.