Guggenheim Issues Pessimistic Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its price objective cut by investment analysts at Guggenheim from $400.00 to $380.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 15.18% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Truist Financial boosted their target price on GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on GE Vernova from $330.00 to $356.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group upped their price objective on GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Wednesday. Finally, TD Cowen assumed coverage on GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $310.98.

GE Vernova Stock Performance

GEV stock opened at $329.91 on Wednesday. GE Vernova has a twelve month low of $115.00 and a twelve month high of $357.09. The business has a fifty day moving average of $309.70 and a 200-day moving average of $230.69.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Large investors have recently added to or reduced their stakes in the stock. Diversified Trust Co bought a new stake in GE Vernova during the 2nd quarter worth $279,000. Great Valley Advisor Group Inc. bought a new stake in GE Vernova during the 2nd quarter worth approximately $486,000. ORG Partners LLC bought a new stake in GE Vernova during the 2nd quarter worth approximately $61,000. Envestnet Portfolio Solutions Inc. bought a new stake in GE Vernova during the 2nd quarter worth approximately $1,245,000. Finally, AdvisorNet Financial Inc bought a new stake in GE Vernova during the 2nd quarter worth approximately $322,000.

GE Vernova Company Profile

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.