GE Vernova initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of GE Vernova with an Outperform rating and $174 price target. Investors have been “waiting for a company like GE Vernova” given its scale, competitive moat, positive adjusted EBITDA generation and “leverage to the electrification of everything mega theme,” the analyst argues. The firm, which continues to believe that the energy transition is a mega theme, sees GE Vernova as “a great way for investors to benefit from the accelerating capital spend on the electrification of everything,” the analyst added.