GE Vernova rises after Jefferies upgrades to 'buy' on power infrastructure demand
Shares of power equipment maker GE Vernova GEV.N up 5.2% at $645.99 premarket
Jefferies upgrades rating on GEV to "buy" from "hold", and raises PT to $815 from $736, representing an upside of 32.7% to stock's last close
Gas turbine pricing continues to positively surprise and services provide visibility deeper into the 2030s, eventually offsetting gas equipment weakness - brokerage
"We see accelerating demand for power infrastructure and a structural pruning of a challenged offshore wind business driving core profit and free cash flow margins well above the Street, as GEV completes its turnaround amid structurally constructive conditions" - Jefferies
26 out of 35 brokerage rate the stock "buy" or higher, 8 "hold" and 1 "sell"; median PT is $769 - data compiled by LSEG
As of last close, shares up 86.7% YTD
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