Bank of America Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its target price increased by research analysts at Bank of America from $380.00 to $415.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 7.40% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target on the stock. BMO Capital Markets boosted their target price on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their price target on GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Citigroup boosted their price objective on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.60.

GE Vernova Stock Up 1.1 %

Shares of GEV stock opened at $386.40 on Tuesday. GE Vernova has a 52 week low of $115.00 and a 52 week high of $392.77. The firm’s 50-day simple moving average is $341.28 and its two-hundred day simple moving average is $260.29.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase 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 stock is undervalued.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently bought and sold shares of GEV. Castleview Partners LLC purchased a new stake in shares of GE Vernova during the 3rd quarter valued at $28,000. Pathway Financial Advisers LLC bought a new position in GE Vernova in the second quarter valued at $29,000. Glass Jacobson Investment Advisors llc purchased a new stake in GE Vernova during the second quarter valued at about $30,000. Covestor Ltd lifted its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of GE Vernova in the 3rd quarter worth about $31,000.

About GE Vernova

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.