Key Takeaways
- GE Vernova fell 12% in the week to Nov. 10, along with Vertiv, after Democrats won Congress and SoftBank took a $3.7 billion charge.
- SoftBank says its Ohio project is on track, and Constellation Energy’s raised guidance shows data center buyers are still signing.
- The stock is near its lowest forward P/E in a year, and analysts expect earnings to more than double by 2028, so it looks like a buy.
GE Vernova (GEV) fell 13% from the Nov. 3 close to the Nov. 10 close, and none of the bad news came from GE Vernova. A political scare hit AI power stocks, Vertiv (VRT) included, then a customer scare hit GE Vernova. But Constellation Energy (CEG) gave a reason to think the selling went too far.
The midterms hit, but buyers are still signing
The selling started after Democrats won both chambers of Congress on Nov. 3, and Texas’s governor-elect, Gina Hinojosa, has pledged to pause new data center approvals. Vertiv fell 12% over the same stretch, even though its third-quarter revenue rose 61% to $4.31 billion. Vertiv no longer reports orders, so its next quarterly report is the next hard read on demand.
But on Nov. 9, Constellation raised its 2026 guidance and said its new agreements add more than 1,000 megawatts of new generation. That doesn’t look like a market bracing for a moratorium.
SoftBank says Ohio is still on
Elon Musk posted on Nov. 6 that “SoftBank is defaulting on their turbine orders.” SoftBank had reserved turbines from makers including GE Vernova for a 9.2-gigawatt gas plant in Ohio. On Nov. 10, it took a $3.7 billion charge and revised how it buys power equipment for US data centers.
But SoftBank says Ohio is on track, and CFO Yoshimitsu Goto told analysts there was no default. The company called Musk’s claim “simply not correct at all,” CNBC reported.
Even if SoftBank walked away, GE Vernova would barely feel it. The whole Ohio plant equals well under a tenth of the 122 gigawatts of gas equipment backlog and slot reservations GE Vernova held at the end of September.
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
Near its cheapest in a year
Analysts expect normalized EPS to more than double from 2026 to 2028:
GE Vernova told CNBC that SoftBank’s changes have no financial impact on it. Yet the forward P/E fell to 33x on Nov. 5, against a 54x average over the past year:
At the Nov. 10 close, it was about 34x. The risk is that a state like Texas acts first, though management said in July that only about 20% of its contracted gas gigawatts serve data centers.
At that multiple, the stock looks like a buy. The fourth-quarter report will show whether gas contracts reach the 130 gigawatts or more that management expects by year-end.
So what is GE Vernova stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
