GE Vernova price target raised to $390 from $385 at Evercore ISI

Evercore ISI raised the firm’s price target on GE Vernova (GEV) to $390 from $385 and keeps an Outperform rating on the shares after the company held its investor update, during which it increased its long-term adjusted EBITDA margin targets, laid out its go-forward capital allocation strategy and provided some incremental clarity on the timing of its current Offshore Wind equipment backlog burn rate. While noting shares traded off slightly following the release, which the firm credits to a narrowing of immediate-term margin guidance, Evercore adds that it remains “bullish on the company’s ability to execute.”