Vertiv Holdings Co. (VRT) PT Raised to $90 at Evercore ISI

Evercore ISI analyst Amit Daryanani raised the price target on Vertiv Holdings Co. (NYSE: VRT) to $90.00 (from $80.00) while maintaining a Outperform rating.

The analyst comments "We recently published our DEEP DIVE on VRT and outlined the path to $150 last month. Since the report, there have been several industry developments + data points work calling out that should bode positively for VRT longer term. These include: 1) The Introduction of the Nvidia GB200 NVL72 at GTC: Liquid cooling becomes standard on the new GPU compute solution that features a rack density of 120 kW – VRT is one of the NVDA liquid cooling solutions suppliers for the rack scale server. 2) DCD Conference: Several industry participants discussed the importance of liquid/hybrid cooling as AI becomes mainstream. 3) OFC Highlights: Liquid cooling is an enabler of copper, power efficiency – During OFC, industry professionals called out liquid cooling as an enabler of higher density (short connector distances) and copper usage in the NVL72; transceivers and retimers associated with fiber would otherwise add another 20 kW to the solution which already consumes 120 kW. 4) Microsoft/OpenAI Stargate Project: While our understanding is that this ~$100B project has not been confirmed, a project of this magnitude should create tailwinds for data center physical infrastructure suppliers such as VRT. Net/net: We think recent industry developments/data points solidify our positive view of the data center/broader AI infrastructure backdrop and validate our bullish investment thesis on VRT. Maintain OP rating but raising target to $90 to reflect incrementally more positive sentiment."

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