GE Vernova Price Target Increased by JPMorgan Chase

GE Vernova (NYSE:GEV) has received an upgrade from JPMorgan Chase & Co., which raised its price target from $356.00 to $367.00 in a recent note issued to investors. The firm has assigned an "overweight" rating to the stock, indicating a positive outlook for the company.

The new target price suggests a potential upside of approximately 6.11% based on GE Vernova's current stock price.

Other Analyst Ratings

GE Vernova has been the subject of various analyses from different research firms. On the same day, Evercore ISI increased their price target for the company from $385.00 to $390.00 and rated it as "outperform." Additionally, The Goldman Sachs Group raised their price target from $220.00 to $308.00, categorizing the stock as a "buy." Citigroup also increased its price target from $292.00 to $361.00 while maintaining a "neutral" rating.

Conversely, HSBC Global Research downgraded GE Vernova from a "strong buy" to a "hold" rating, and Guggenheim lowered its price target from $400.00 to $380.00 but still holds a "buy" rating on the stock. Overall, seven analysts have rated GE Vernova with a hold rating, while twenty have given it a buy rating, and one has designated it as a strong buy, according to MarketBeat.com. The average rating for the stock is currently listed as "Moderate Buy," with an average target price of $307.15.

Recent Stock Performance

In the trading session on Wednesday, shares of GE Vernova rose by 5.6%, closing at $345.87. During the day, a total of 3,362,043 shares changed hands, compared to the average volume of 3,434,861 shares. Over the past year, GE Vernova's stock has seen significant fluctuations, with a low of $115.00 and a high of $357.09. The company's fifty-day moving average is currently at $307.87, while the 200-day moving average stands at $229.90.

Share Repurchase Program

Furthermore, GE Vernova's Board of Directors has authorized a significant share repurchase plan, allowing the company to buy back up to $6.00 billion in outstanding shares. This amounts to approximately 6.7% of the company's shares through open market purchases, a move often interpreted as a sign that the board believes the shares are undervalued.

Institutional Investors' Involvement

Changes in institutional ownership also reflect growing interest in GE Vernova. In the third quarter, investment firm Pittenger & Anderson Inc. increased its holdings in GE Vernova by 28.0%, and SteelPeak Wealth LLC raised its stake by 2.5%. Global Retirement Partners LLC, Whittier Trust Co., and Dunhill Financial LLC also expanded their positions in the company, indicating a positive investor sentiment surrounding GE Vernova.

About GE Vernova

GE Vernova LLC is an energy company that specializes in electricity generation. It operates through three primary segments: Power, Wind, and Electrification. The Power segment focuses on generating and selling electricity from various sources, including hydro, gas, nuclear, and steam power. The Wind segment is involved in manufacturing and selling wind turbine blades, while the Electrification segment offers grid solutions, power conversion, solar, and storage solutions.

stock, GEV, JPMorgan