GE Vernova (GEV) PT Raised to $430 at JPMorgan, Focus List Pick

JPMorgan analyst Mark Strouse raised the price target on GE Vernova (NYSE: GEV) to $430.00 (from $425.00) while maintaining a Overweight rating.

The analyst comments "GEV’s 1Q results beat expectations across the board. Orders continue to be strong in Power and Electrification, with positive commentary on pricing. FY25 guidance was reiterated, now including a $300-400mm impact from tariffs. The company has ~29GW of gas power equipment in backlog and ~21GW of slot reservations not yet in backlog, an encouraging sign of continued visibility into demand. We believe it is also noteworthy that just ⅓ of the slot reservations are with data center customers, showcasing the diversification of growth drivers, and that GEV isn’t just a “data center play”. Capital return was also solid with $1.2bn in buybacks during 1Q (additional $0.3bn thus far in April) as well as the initial dividend (~$70mm). We are adjusting our model to reflect 1Q results and a lower share count, while leaving our out-year estimates largely unchanged, and modestly above the company’s long-term foundational floor. Our YE25 price target goes to $430, from $425. We reiterate our Overweight rating and highlight GEV as an Analyst Focus List pick."

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