Vertiv shares drop on election outcome concerns

Vertiv Holdings Co. shares fell 13.7% in morning trading Thursday to $177.45 following the Democratic Party's victory in the U.S. midterm elections.

The election result raised concerns about potential federal and state-level regulation affecting data center construction, power consumption, and permitting processes. Such regulatory changes could impact the buildout that supports Vertiv's growth plans.

GLJ Research, which maintains a Sell rating on the stock, recently lowered its price target on Vertiv, adding pressure before Thursday's session.

On Monday, Vertiv announced a three-year semiconductor supply agreement with Infineon Technologies. The deal covers silicon and silicon carbide power components for the company's data center power systems. The announcement did not prevent Thursday's decline.

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