JPMorgan analyst Mark Strouse raised the firm’s price target on GE Vernova (GEV) to $367 from $356 and keeps an Overweight rating on the shares following the investor event. The company’s fiscal 2025 guidance was slightly below consensus expectations, driven by the Wind segment, and it increased long-term targets originally issued at the March analyst day, also slightly below consensus expectations, the analyst tells investors in a research note. The firm says GE Vernova also announced a $6B share repurchase authorization and a small dividend, while its commentary remains upbeat with regards to pricing momentum as well as manufacturing execution. JPMorgan sees improved visibility and would be buyers of the stock on any weakness.
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Read More on GEV:
- GE Vernova backs FY24 revenue view of trending to higher end of $34B-$35B
- GE Vernova sees FY25 revenue $36B-$37B, consensus $37.26B
- GE Vernova approves initial $6B share repurchase authorization
- GE Vernova sees roughly $45B of revenue by 2028
- GE Vernova price target raised to $400 from $325 at Truist