Jefferies raises GE Vernova PT on growing power infrastructure demand; shares rise

Shares of power equipment maker GE Vernova GEV.N up 1.42% at $667.60 premarket

Brokerage Jefferies raises price target on GEV to $830 from $815

The new PT represents an upside of 26% to the stock's last close

Jefferies sees growing demand for power infrastructure and a strategic downsizing of struggling offshore wind operations driving GEV's core profit and free cash flow margins above street estimates

Adds the balance sheet boost will add flexibility to return to being a dividend payer and have the ability to execute significant share repurchase programs

27 of 35 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell"; their median PT is $775 - data compiled by LSEG

Up to last close, stock has doubled YTD