Analyst Andrew Obin from Bank of America Securities reiterated a Buy rating on GE Vernova Inc. and keeping the price target at $725.00.
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Andrew Obin has given his Buy rating due to a combination of factors including GE Vernova’s robust third-quarter results and strategic acquisition plans. The company reported a significant increase in orders, with a 55% year-over-year organic growth, which exceeded expectations. Additionally, the acquisition of Prolec is seen as a positive move, enhancing GE Vernova’s presence in the North American transformer market. This acquisition is expected to contribute substantially to the company’s EBITDA by 2026, along with anticipated cost synergies.
Furthermore, Andrew Obin maintains an optimistic outlook on GE Vernova’s financial performance, projecting higher-than-consensus EBITDA estimates for 2025 and 2026. The company’s strong backlog in gas turbine orders and slot reservation agreements further supports this positive outlook. The combination of these factors, along with the strong global demand for power and grid investments, underpins the Buy rating for GE Vernova’s stock.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $680.00 price target.
GEV’s price has also changed dramatically for the past six months – from $326.070 to $576.000, which is a 76.65% increase.