GE Vernova price target raised to $240 from $216 at JPMorgan

JPMorgan raised the firm’s price target on GE Vernova to $240 from $216 and keeps an Overweight rating on the shares. The company announced that previously disclosed offshore wind issues at Dogger Bank and Vineyard Wind are expected to drive Q3 Wind segment EBITDA below expectations, but total company fiscal 2024 revenue and EBITDA guidance was left unchanged owing to incremental strength in the Power and Electrification segments, the analyst tells investors in a research note. The firm views the announcement favorably, saying the offshore wind issues will be temporary. Although the price target is only a modest premium to the current price, the December investor event could serve as a positive catalyst for revenue and margin estimates in 2026 and beyond, contends JPMorgan.