Guggenheim Lowers GE Vernova (NYSE:GEV) Price Target to $380.00

by · The Markets Daily

GE Vernova (NYSE:GEV – Get Free Report) had its target price decreased by investment analysts at Guggenheim from $400.00 to $380.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price suggests a potential upside of 9.48% from the company’s current price.

GEV has been the subject of several other research reports. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Wednesday. Bank of America lifted their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Oppenheimer started coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. Jefferies Financial Group lifted their price objective on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Morgan Stanley lifted their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $303.90.

Read Our Latest Analysis on GE Vernova

GE Vernova Trading Up 6.0 %

Shares of NYSE:GEV traded up $19.69 during trading on Wednesday, reaching $347.08. 2,739,156 shares of the company traded hands, compared to its average volume of 3,431,185. The firm has a fifty day simple moving average of $307.87 and a 200 day simple moving average of $229.90. GE Vernova has a 1-year low of $115.00 and a 1-year high of $357.09.

GE Vernova declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently modified their holdings of GEV. Mountaineer Partners Management LLC bought a new position in GE Vernova during the third quarter worth about $2,507,296,000. Newport Trust Company LLC acquired a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $650,140,000. Bank of New York Mellon Corp acquired a new stake in GE Vernova during the 2nd quarter worth approximately $537,674,000. Marshall Wace LLP acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $399,770,000. Finally, Legal & General Group Plc acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $293,699,000.

GE Vernova Company Profile

(Get Free Report)

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.

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