GE Vernova rises after brokerages lift PT on strong margins gas and grid units
Updates
** Shares of U.S.-based power equipment maker GE Vernova GEV.N rise 3.36% to $237.65
** At least three brokerages raise PT; BofA also raises stock to "buy" from "neutral"
** Mizuho ("outperform") says recentfailures at its offshore wind turbine blades to be offset by higher margins in Gas and Electrification segments amidst strong demand
** Says Gas and Electrification margins continue to improve in 2H24, and likely in 2025 as well, owing to improved pricing, execution and margin improvement
** BofA expects Gas Power Services growth to be driven by the High Advanced-gas turbines fleet, pricing and additional upgrades
** RBC ("outperform") says the stronger demand supports higher pricing and continued margin improvement
** 17 of 20 brokerages rate the stock "buy" or higher, 3 "hold"; their median PT is $240.50 - LSEG data
** As of last close, stock up ~46% since April 2, when it was listed
Brokerage | PT Change | Upside to last close |
RBC | $246 from $192 | 7% |
BofA | $300 from $200 | 30% |
Mizuho | $241 from $208 | 5% |
Reporting by Pooja Menon in Bengaluru
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