Analyst Andrew Percoco of Morgan Stanley maintained a Buy rating on GE Vernova Inc. (GEV – Research Report), retaining the price target of $367.00.
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Andrew Percoco has given his Buy rating due to a combination of factors influencing GE Vernova Inc.’s prospects. One of the primary reasons is the company’s strong backlog trends, particularly in gas turbine order volume and new high-voltage direct current orders. This backlog is expected to contribute significantly to the company’s bookings and is anticipated to provide a bullish outlook, supporting the stock’s current valuation. Additionally, Percoco emphasizes the importance of pricing commentary from management, which could indicate further potential for upside estimates beyond 2028.
Moreover, the wind business outlook and capital allocation strategies play a role in the Buy rating. Although there are uncertainties related to wind development, particularly with offshore projects, the valuation impact on GEV’s wind business remains relatively small. The company’s strategic decisions regarding share buybacks and merger and acquisition activities are also key considerations. GEV’s recent trading performance and valuation compared to peers like Siemens Energy highlight potential earnings upside, bolstering the case for a Buy rating.
In another report released yesterday, Truist Financial also maintained a Buy rating on the stock with a $420.00 price target.
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GE Vernova Inc. (GEV) Company Description:
GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, uniquely positioned with a scope and scale of solutions to accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and shareholder returns. We have a strong history of innovation which is a key strength enabling us to meet our customers¿ needs.