GE Vernova (NYSE:GEV) Given New $1,110.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target on GE Vernova from $779 to $1,110 while keeping a "neutral" rating, implying about a 12.13% upside from the current share price.
• The sell-side consensus is a "Buy" with an average target of $889.30, and several firms (Jefferies, Morgan Stanley, RBC, Guggenheim, Oppenheimer) have issued Buy/Outperform/Overweight ratings.
• GE Vernova reported a strong quarter with EPS $13.39 vs. $2.99 expected and revenue of $10.96 billion, along with a 12.83% net margin and 46.91% return on equity.

GE Vernova (NYSE:GEV - Get Free Report) had its price target boosted by equities research analysts at Citigroup from $779.00 to $1,110.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's price target points to a potential upside of 12.13% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group restated a "buy" rating and issued a $930.00 price target on shares of GE Vernova in a research note on Thursday, January 29th. Morgan Stanley raised their price target on GE Vernova from $817.00 to $960.00 and gave the stock an "overweight" rating in a research note on Monday, March 23rd. Royal Bank Of Canada raised their price target on GE Vernova from $761.00 to $800.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Oppenheimer restated an "outperform" rating on shares of GE Vernova in a research note on Thursday, January 29th. Finally, Guggenheim upgraded GE Vernova from a "neutral" rating to a "buy" rating and set a $910.00 price target on the stock in a research note on Friday, January 30th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $889.30.

GE Vernova Stock Down 0.1%

Shares of GEV traded down $1.43 during mid-day trading on Monday, hitting $989.89. 603,279 shares of the company's stock traded hands, compared to its average volume of 2,772,216. GE Vernova has a 1 year low of $306.21 and a 1 year high of $1,007.38. The business's 50-day moving average price is $847.25 and its 200-day moving average price is $702.58. The firm has a market capitalization of $266.14 billion, a P/E ratio of 55.61, a PEG ratio of 3.90 and a beta of 1.43.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.99 by $10.40. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. During the same period in the prior year, the firm earned $1.73 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that GE Vernova will post 6.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently bought and sold shares of the business. Torren Management LLC purchased a new position in shares of GE Vernova during the 4th quarter worth $26,000. Cornerstone Financial Management LLC acquired a new stake in shares of GE Vernova in the 4th quarter valued at about $25,000. Jackson Grant Investment Advisers Inc. boosted its position in shares of GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company's stock valued at $25,000 after purchasing an additional 31 shares during the period. Wealth Watch Advisors INC acquired a new stake in shares of GE Vernova in the 3rd quarter valued at about $25,000. Finally, ORG Wealth Partners LLC boosted its position in shares of GE Vernova by 241.7% in the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock valued at $27,000 after purchasing an additional 29 shares during the period.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.

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