BMO Capital raised the firm’s price target on GE Vernova (GEV) to $590 from $522 and keeps an Outperform rating on the shares. The firm contends that by 2025-end, the company will have visibility into nearly $80B of incremental service-related revenue that is insulated from any pullback in turbine equipment demand and supports its updated valuation assumptions, the analyst tells investors in a research note. GE Vernova offers investors looking for exposure to the energy transition sector a unique blend of scale and global reach across conventional and renewable generation, BMO added.
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