GE Vernova price target raised to $550 from $520 at BofA

BofA raised the firm’s price target on GE Vernova (GEV) to $550 from $520 and keeps a Buy rating on the shares. The firm, which now forecasts U.S. electrical demand to grow at a 2.5% compound annual growth rate over 2024-35, is raising its estimates for GE Vernova’s Power segment. With approximately 1,000 gigawatts of gross power generation capacity additions projected over this period, the firm expects roughly one-third of these additions to be natural gas turbines, or about 330 gigawatts over 2024-35, the analyst noted.