Morgan Stanley upgraded GE Vernova to Overweight from Equal Weight with a price target of $220, up from $175. The company is an energy transition pure play with attractive near-term upside, the analyst tells investors in a research note. The firm believes we are at the early stages of a multi-decade energy transition investment cycle that will require significant capital investment in gas power, renewables, and grid expansion. GE Vernova is the purest way to gain exposure to all three of these investment opportunities. Given the current supply constrained environment for this equipment, Morgan Stanley sees strong margin upside beyond 2026 and a potential capital return catalyst in the second half of 2024.
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