GE Vernova (NYSE:GEV) Price Target Raised to $685.00

Key Points

• TD Cowen raised its price target for GE Vernova from $390.00 to $685.00, indicating a potential upside of 9.83% from the current stock price.
• BMO Capital Markets and Citigroup also adjusted their price targets for GE Vernova to $690.00 and $670.00, respectively, reflecting continued optimism from multiple brokerages.
• In its latest earnings report, GE Vernova reported $1.86 EPS, beating consensus estimates by $0.23, with revenue of $9.11 billion, up 11.1% compared to the same quarter last year.

GE Vernova (NYSE:GEV - Get Free Report) had its target price lifted by analysts at TD Cowen from $390.00 to $685.00 in a research note issued to investors on Friday, MarketBeat reports. The firm presently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 9.83% from the stock's current price.

A number of other brokerages also recently issued reports on GEV. BMO Capital Markets lifted their price target on GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research report on Thursday. Citigroup boosted their target price on GE Vernova from $544.00 to $670.00 and gave the stock a "neutral" rating in a research report on Thursday. Bank of America boosted their target price on GE Vernova from $550.00 to $620.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Susquehanna boosted their price objective on GE Vernova from $662.00 to $736.00 and gave the company a "positive" rating in a research report on Thursday. Finally, Morgan Stanley boosted their price objective on GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research report on Thursday. Seven equities research 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 stock. According to MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average price target of $540.96.

GE Vernova Trading Down 0.8%

Shares of NYSE:GEV opened at $623.70 on Friday. The stock's fifty day simple moving average is $506.49 and its two-hundred day simple moving average is $404.16. GE Vernova has a 1-year low of $150.01 and a 1-year high of $633.72. The stock has a market cap of $170.23 billion, a PE ratio of 150.29, a price-to-earnings-growth ratio of 4.70 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.23. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. During the same period last year, the firm posted $4.65 EPS. The business's revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that GE Vernova will post 6.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently modified their holdings of GEV. Apollon Wealth Management LLC raised its holdings in GE Vernova by 17.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 30,457 shares of the company's stock worth $16,116,000 after purchasing an additional 4,609 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in GE Vernova by 19.2% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 15,967 shares of the company's stock worth $8,449,000 after purchasing an additional 2,572 shares during the period. Natural Investments LLC acquired a new position in GE Vernova in the 2nd quarter worth about $403,000. U S Global Investors Inc. acquired a new position in GE Vernova in the 2nd quarter worth about $1,058,000. Finally, DSM Capital Partners LLC raised its holdings in shares of GE Vernova by 31.9% during the second quarter. DSM Capital Partners LLC now owns 196,991 shares of the company's stock valued at $104,238,000 after acquiring an additional 47,651 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.