These Analysts Increase Their Forecasts On GE Vernova Following Q3 Results

GE Vernova Inc. GEV reported upbeat sales for the third quarter on Wednesday.

The company reported revenue growth of 8% year-over-year to $8.913 billion and +10% YoY organically, beating the consensus of $8.783 billion. Net loss narrowed to $99 million from $185 million loss last year.

"GE Vernova had a solid third quarter, delivering double-digit orders and continued revenue growth with services strength across all segments, significant margin expansion in Power and Electrification, and substantial cash generation," commented GE Vernova CEO Scott Strazik.

Orders totaling $9.4 billion increased 17% organically, driven by services growth of +28 % organically, with strength across all segments, and equipment growth in Power and Electrification.

For 2024, GE Vernova expects revenue to trend towards the higher end of $34 billion – $35 billion versus $34.93 billion. The company now expects free cash flow to trend towards the higher end of the $1.3 billion – $1.7 billion range.

GE Vernova shares gained 1.3% to close at $279.88 on Wednesday.

These analysts made changes to their price targets on GE Vernova following earnings announcement.

• B of A Securities analyst Andrew Obin maintained GE Vernova with a Buy and raised the price target from $300 to $320.
• JP Morgan analyst Mark Strouse maintained the stock with an Overweight and boosted the price target from $285 to $330.
• Barclays analyst Julian Mitchell maintained GE Vernova with an Overweight and increased the price target from $300 to $320.

Considering buying GEV stock? Here’s what analysts think:

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