GE Vernova initiated with an Overweight at Wells Fargo

Wells Fargo analyst Michael Blum initiated coverage of GE Vernova (GEV) with an Overweight rating and $385 price target GE Vernova is a primary beneficiary of the projected long-term growth in power demand driven by the artificial intelligence data center buildout, U.S. reshoring, and electrification trends, the analyst tells investors in a research note. The firm projects U.S. power demand to increase at 3% annually through 2023, driven by the AI data center buildout, reshoring, and electrification trends tied to the energy transition and decarbonization goals. It expects GE Vernova to benefit from this trend primarily via its gas power business.