Morgan Stanley lifts GE Vernova PT on gas, electrification growth; shares rise

Morgan Stanley raises price target for power equipment maker GE Vernova GEV.N to $960 from $817

Shares of GE Vernova up 6.5% at $906.30 in morning trade

New PT represents an upside of 12.8% to the stock's last close on Friday

"Latest data points screen positive on turbine demand, pricing, and medium-term electrification trends and we see upward estimate revision potential on 2030 consensus," says Morgan Stanley

Brokerage says it is increasingly bullish on gas services over the next decade and believes the opportunity is not yet priced into the stock

Expects other businesses to support growth, led by Electrification, where orders are outpacing revenue by $6–9 billion annually and backlog is seen doubling to $60 billion by 2028

31 of 36 brokerages rate the stock "buy" or higher, and 5 "hold"; median PT is $885.50 - LSEG data

Including session's moves, GEV up 38.7% YTD