Bank of America Increases GE Vernova (NYSE:GEV) Price Target to $620.00

GE Vernova (NYSE:GEV - Get Free Report) had its price objective raised by research analysts at Bank of America from $550.00 to $620.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price objective suggests a potential upside of 10.38% from the stock's current price.

GEV has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their target price on GE Vernova from $460.00 to $620.00 and gave the company an "overweight" rating in a report on Wednesday. Guggenheim reaffirmed a "buy" rating and issued a $380.00 target price on shares of GE Vernova in a research report on Thursday, April 24th. Citigroup reissued a "neutral" rating and issued a $544.00 price objective (up from $354.00) on shares of GE Vernova in a research report on Monday. Truist Financial set a $440.00 target price on GE Vernova in a research note on Thursday, March 27th. Finally, Morgan Stanley raised their target price on GE Vernova from $422.00 to $511.00 and gave the company an "overweight" rating in a research note on Tuesday, June 24th. Seven analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average price target of $468.88.

GE Vernova Stock Performance

GE Vernova stock opened at $561.72 on Thursday. GE Vernova has a fifty-two week low of $150.01 and a fifty-two week high of $570.95. The company has a market capitalization of $153.31 billion, a P/E ratio of 80.94, a PEG ratio of 4.17 and a beta of 1.86. The stock has a 50-day simple moving average of $486.23 and a 200-day simple moving average of $394.06.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.54. The business had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a return on equity of 10.10% and a net margin of 5.42%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.47) EPS. As a group, analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors have recently made changes to their positions in GEV. Highline Wealth Partners LLC grew its holdings in shares of GE Vernova by 34.6% during the 2nd quarter. Highline Wealth Partners LLC now owns 70 shares of the company's stock valued at $37,000 after purchasing an additional 18 shares during the last quarter. Atlas Brown Inc. increased its stake in GE Vernova by 0.8% during the 2nd quarter. Atlas Brown Inc. now owns 2,496 shares of the company's stock valued at $1,321,000 after purchasing an additional 19 shares in the last quarter. Physician Wealth Advisors Inc. increased its stake in GE Vernova by 9.0% during the 2nd quarter. Physician Wealth Advisors Inc. now owns 241 shares of the company's stock valued at $128,000 after purchasing an additional 20 shares in the last quarter. West Branch Capital LLC increased its stake in GE Vernova by 25.6% during the 2nd quarter. West Branch Capital LLC now owns 98 shares of the company's stock valued at $52,000 after purchasing an additional 20 shares in the last quarter. Finally, Grove Bank & Trust increased its stake in GE Vernova by 16.0% during the 2nd quarter. Grove Bank & Trust now owns 167 shares of the company's stock valued at $88,000 after purchasing an additional 23 shares in the last quarter.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.

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