Jefferies expects GE Vernova third-quarter to be subdued, cuts PT

** Jefferies lowers price target on power equipment maker GE Vernova GEV.N to $658 from $668, maintains "hold" rating

** GEV shares down nearly 4% at $600.47 in morning trading

** The new price target still represents a 4.6% upside to the stock's last close

** Brokerage expects a subdued third quarter after September turbine order preview

** "We expect incrementally bearish wind commentary on likely disappointing safe harbor order activity and more acute permitting issues" - Jefferies

** Brokerage adds that it acknowledges the continued bullish commentary and confidence from GEV, but the lack of a roll-forward to 2029 is already leading to investor scrutiny

** "We expect 2028 slots to be fully booked out, with focus on new slots in 2029 and beyond at this point" - Jefferies

** 24 of 34 brokerages rate the stock "buy" or higher, 10 "hold"; median PT is $692 - data compiled by LSEG

** Including session's moves, stock up 83.6% YTD