Why GE Venova Stock Topped the Market Today
Key Points
Ahead of the industrial conglomerate's next quarterly earnings release, one analyst tracking it raised his price target.
He also kept his bullish recommendation intact.
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GE Venova (NYSE: GEV) stock notched a clear win on Monday, as its price closed the trading session more than 7% higher. Investors piled into the engineering sector veteran following a pre-earnings price target raise from an analyst. The stock's performance was notably better than that of the bellwether S&P 500 index, which rose by 1.6%.
Pre-earnings price target bump
Before market open that day, Susquehanna prognosticator Charles Minervino upped his price target on GE Venova to $740 per share from his preceding $736. Although he changed his fair value assessment on the stock, he maintained his existing buy recommendation, which was and is positive (i.e., buy).
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It wasn't a coincidence that Minervino's move came less than two weeks before the industrial company is slated to publish its third-quarter earnings release. According to reports, Minervino modified his estimates on its fundamentals on the back of recent legislative developments.
Specifically, he felt that certain provisions that were kept in the Inflation Reduction Act, such as the preservation of tax credits for qualifying work, favor GE Venova.
Sunny days
GE Venova and its peers that produce goods in this country have another advantage, as a key goal of the Trump administration is to increase manufacturing within our borders. In his research note, Minervino said he was bullish on companies with such a profile; in addition to GE Venova, he mentioned next-generation energy company First Solar.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends First Solar. The Motley Fool recommends Ge Vernova. The Motley Fool has a disclosure policy.
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