Here's Why GE Vernova Stock Soared in May
Shares in GE Vernova (NYSE: GEV) rose by 14.4% in May, according to data provided by S&P Global Market Intelligence, as the spinoff from the former General Electric continued to enjoy life as a stand-alone company. The move comes after analysts at a few heavyweight financial companies upgraded price targets and gave positive outlooks for the company. In addition, GE Vernova stock rose in sympathy with its main peer, Siemens Energy, after the latter raised its full-year revenue, profit margin, and cash-flow guidance for the full year in early May.
With the current price around $170, the analyst price target hikes still imply upside potential for the stock. For example, J.P. Morgan's latest price target is $186. The analyst argues that GE Vernova stock is a better value than Siemens Energy partly due to its extra exposure to the U.S. onshore wind market. Moreover, the analyst sees upside potential in GE Vernova's gas power services business, given increasing electric loads.
RBC Capital also has a $180 price target on the stock, and its analyst notes its valuation relative to peers. Siemens Energy stock is also up strongly in 2024, with a 109% gain at the time of writing, which has helped push up its relative valuation.
Source Fool.com
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