HSBC downgraded GE Vernova to Hold from Buy with a price target of $255, up from $240. The stock’s valuation is already pricing in a strong gas equipment and service cycle, and HSBC sees cost overrun risks to GE Vernova’s remaining offshore wind deliveries in 2025 and 2026, the analyst tells investors in a research note. The firm says that although the company is well placed to benefit from rising U.S. onshore wind demand, there is risks of higher than expected costs to deliver its $3B offshore wind backlog GE will struggle to find available installation vessels to make up for delayed offshore wind deliveries.
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