GE Vernova (GEV) stock was on the rise Wednesday after the energy equipment manufacturing and services company received a new Street-high price target from a top Wall Street analyst. J.P. Morgan analyst Mark Strouse reiterated a Buy rating for GEV stock and increased his price target to $1,000 per share from $740, suggesting a possible 45.64% upside.
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Strouse’s incredibly bullish coverage of GE Vernova comes after a special investor event. During this investor event, the company provided shareholders with a strong guidance update. To go along with this, company expects its electrification business to double by 2028, an increase in its gas power service capacity, and it raised free cash flow targets.
Strouse argued that GE Vernova’s expectations, combined with its strategic focus on electrification and diverse market exposure, warrant the extremely bullish coverage he assigned to the stock today. Several other analysts have also reiterated Buy ratings and increased their price targets for GEV stock today in light of the investor event.
GE Vernova Stock Movement Today
GE Vernova stock was up 9.15% on Wednesday, extending a 107.83% rally year-to-date. The company’s stock has also increased 81.88% over the past 12 months.
Today’s investor event also triggered heavy trading of GEV stock. This saw more than 4.7 million shares change hands today, compared to a three-month daily average of about 2.86 million units.
Is GE Vernova Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for GE Vernova is Moderate Buy, based on 12 Buy, five Hold, and a single Sell rating over the past three months. With that comes an average GEV stock price target of $689.40, representing a potential 1.18% upside for the shares.
