April 11 (Reuters) - Standard & Poor's Equity Research cut its price target on General Electric (GE.N) by $4 to $38 after the company posted worse-than-expected first-quarter results.
S&P lowered its earnings estimates for the company to $2.21 from $2.43 a share for 2008, and to $2.50 from $2.70 a share for 2009.
S&P, which kept its "buy" rating on the shares of the second-largest U.S. company by market capitalization, recommended the purchase of the stock saying there was upside to its target price.
Shares of the company were down more than 12 percent at $32.30 on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)