Susquehanna lowered the price target on GEV stock to $1,270 from $1,300 and maintained a ‘Positive’ rating on the shares.
- Despite the lower target, it still implies nearly 35% upside from the stock’s last close.
- According to The Fly, Susquehanna updated estimates and targets for alternative energy companies ahead of their third-quarter reports.
- GE Vernova is expected to report its Q3 print on Oct. 28 before the bell.
Shares of GE Vernova Inc. (GEV) slipped more than 1% in the overnight session late Wednesday as a broader weakness in the AI sector weighed on the company’s stock.
Meanwhile, Susquehanna lowered its price target on GEV to $1,270 from $1,300 and maintained a ‘Positive’ rating. Despite the lower target, it still implies nearly 35% upside from the stock’s last close.
GEV’s Q3 Results Are On The Horizon
According to The Fly, Susquehanna updated estimates and targets for alternative energy companies ahead of their third-quarter (Q3) reports.
The analyst said rising power demand was the sector’s main catalyst, largely driven by AI data center buildout and electrification. Susquehanna also said it likes stocks with utility-scale exposure and domestic manufacturing.
GE Vernova is expected to report its Q3 print on Oct. 28 before the bell.
According to data from Fiscal.ai, analysts expect the company to post $12.41 billion in revenue for the quarter, up more than 24% from the prior comparable quarter. Earnings per share estimates are $3.42, up nearly 141% from $1.42 posted in Q3 last year.
Wall Street Stance On GEV Stock
Meanwhile, the 12-month average price target on GEV stock is $1,223.98, according to data from Koyfin. This implies nearly 30% upside from its last close.
Of the 37 analysts covering the stock, 30 rate the shares a ‘Buy’ or higher, while seven rate them a ‘Hold’.
GEV Stock: Retail Stance
On Stocktwits, retail sentiment around GEV stock was ‘bearish’ at the time of writing amid ‘low’ message volumes.
One user said, “$GEV This pullback feels emotional, not fundamental. The demand story is still massive: AI/data centers need power, the grid needs upgrades, gas turbines are in short supply, nuclear is coming back into focus, and Vernova sits right in the middle of all of it. Nothing has changed about the long-term setup. Let the panic shake out. Real earnings update coming Oct. 28. #1000club let’s get it !!”
Another user said that it was a “Rough day for even high quality names.”
GEV stock is up more than 44% year-to-date.
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