GE Vernova gains as Citigroup raises PT

Shares of power equipment maker GE Vernova GEV.N rise 2% to $549

Citigroup raises price target to $544 from $354: implying ~1% upside to stock's last close

Brokerage says GEV's long-cycle portfolio and relatively unique position to support accelerating growth for power generation could sustain a much higher premium valuation than previously expected

"Supply scarcity for utility-scale gas turbines and increasing service-related demand remain supportive of elevated pricing tailwinds that should begin to materialize in the coming years." - Citigroup

Adds that this could support incremental upward revisions to earnings estimates, especially into 2027 and beyond, as recently booked long-cycle demand converts to topline/earnings

Citigroup anticipates likely outsized earnings growth vs. most peers over the following years as GEV continues to execute a turnaround in its wind business and improves profitability in Electrification

26 of 24 brokerages rate the stock "buy" or higher, 8 "hold"; median PT is $511 - data compiled by LSEG

As of last close, shares are up 63.91% YTD