Key Takeaways
- GE Vernova closed 31% below its June 30 closing high on Nov. 11, and Evercore ISI kept its $1,350 price target, 67% above that close.
- The stock fell on data-center worries after the midterms and SoftBank’s $3.7 billion power-equipment charge, even though third-quarter orders rose 96% organically and 2026 guidance went up.
- Analysts’ 2027 earnings estimate has risen 4.7% in 90 days, and the stock trades at 35x forward earnings, far below its 54x average.
- $1,350 needs only a small re-rating, but I’d pencil in the $1,178 consensus until the fourth quarter confirms data-center demand.
GE Vernova (GEV) closed at $808.24 on Nov. 11, 31% below its June 30 closing high. That same day, Evercore ISI’s Alexander Virgo kept his Outperform rating and $1,350 price target, 67% above that close.
Investors Got Nervous About Data Centers
GE Vernova’s own numbers have held up. On Oct. 28, it reported third-quarter orders of $29.3 billion, up 96% organically, and raised its 2026 guidance.
But data centers account for about 20% of its gas turbine contracts, CEO Scott Strazik said on the call. After Democrats won both chambers of Congress on Nov. 3, GE Vernova fell 10% the next day, and Texas governor-elect Gina Hinojosa pledged to keep Texas’s pause on new data-center approvals in place. On Nov. 6, Elon Musk claimed on X that SoftBank was defaulting on turbine orders, without offering evidence. SoftBank CFO Yoshimitsu Goto denied the claim on Nov. 10, saying there was no default. On Nov. 10, SoftBank booked a $3.7 billion charge on power equipment for its Ohio data-center campus and other US sites, though no cancellation of GE Vernova orders has been confirmed.
Evercore Has Held $1,350 Since April
Evercore raised its target to $1,350 on April 23 and hasn’t cut it through the slide. It now sits 15% above the $1,178 consensus. Strazik made the installed-base case on the third-quarter call: “we expect every gigawatt of HAs to generate $0.5 billion of high-margin services revenue over the first 20 years of its lifetime.”
Does $1,350 Add Up?
Analysts have barely trimmed their targets during the slide. The consensus is down from a peak of $1,239 on Aug. 14 and up from $679 a year ago.
The estimates behind it are rising, too. Analysts expect normalized EPS of $15.68 in 2026, $25.86 in 2027 and $37.13 in 2028, and the 2027 figure has climbed 4.7% over the past 90 days.
So the drop has come from a lower multiple. GE Vernova traded at 35x forward earnings at the Nov. 11 close, just above its one-year low of 33x on Nov. 5 and far below its 54x average.
A 12-month target is better measured a year further out. $1,350 is 36x analysts’ 2028 estimate, against 31x 2027 earnings at the $808.24 close, a 16% re-rating. The $1,178 consensus is 32x 2028, roughly today’s multiple held.
TIKR Tracks 38 Analysts on GE Vernova. How Many Say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on GE Vernova, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See GE Vernova’s Analyst Ratings
A GE Vernova Rebound, but Probably Short of $1,350
The risk is in the cash flow. Working capital, mostly customer down payments, supplied $5.3 billion of the third quarter’s $5.4 billion of free cash flow, so a data-center pullback would hit cash first.
Frankly, with estimates climbing and the multiple near its one-year low, I’d expect a good part of this slide to come back. Evercore’s target needs only a small re-rating; the harder part is holding a 2028 estimate more than double 2026’s. Until data-center demand is confirmed, I’d pencil in the Street’s $1,178. The late-January fourth-quarter report could change that: a backlog above $200 billion with data-center orders intact would put $1,350 within reach.
So What Is GE Vernova Stock Actually worth?
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Disclaimer:
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