1 Wall Street Analyst Just Gave GE Vernova Stock its First Buy Rating Upgrade. Is It Time to Buy Now?
GE Vernova (NYSE: GEV) completed its spinoff from parent General Electric (now GE Aerospace) last week, and at least one analyst seems to be more positive about the new company's prospects. While analyst Mark Strouse initiated coverage on the global energy company telling clients to wait and just hold shares, he has just released the first upgrade for the spinoff to the equivalent of a buy rating.
Strouse has a $141 price target on GE Vernova shares. The stock began trading on April 2 and shares jumped to over $150 per share before closing down last week at about $123. Given the stock's current price of around $133, Strouse's price target implies a potential gain of about 6% over the next 12 months or so.
Strouse's quick upgrade was likely prompted by the downward movement in the stock in its first week of trading. It also takes some time to digest the details and new financial status of a spun-off company like GE Vernova.
Source Fool.com
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