On January 12, Austin Wang of GLJ Research increased the price target for GE Vernova Inc. (NYSE:GEV) to $1,087 from $805, maintaining a 'Buy' rating. The firm adjusted its guidance and 12-month target ahead of quarterly results scheduled for January 28, but expressed increasing caution about the near-term outlook due to limited positive catalysts and data center risks.
Earlier on January 9, Baird reduced the price target on GE Vernova to $649.00 from $816.00 and downgraded the stock to 'Neutral' from 'Outperform'. The firm pointed to investor concerns over potential power capacity oversupply following announcements from emerging competitors.
Baird noted that although the market remains tight, these developments and oversupply worries are affecting sentiment around widely held long positions. The firm stated it continues to move GE Vernova 'to the sidelines near term' in this dynamic market environment.
GE Vernova Inc., incorporated in 2023, is a Massachusetts-based energy company operating through Power, Wind, and Electrification segments. The company provides products and services for electricity generation, transmission, conversion, and storage.