GE Vernova (GEV +3.89%) is a clear and obvious buy! That, at least, is the assessment of one analyst tracking the stock, who reiterated his bullish outlook for the company's future on Thursday. That helped give the stock a significant lift, and it closed that trading session nearly 4% higher.
1,350 reasons to buy
That analyst was Evercore ISI's Alex Virgo, who maintained his outperform (read: buy) recommendation on GE Vernova's equity. He also kept his $1,350-per-share price target intact; this anticipates upside of almost 37% from the stock's current level.
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Virgo likely felt compelled to publish the update because he raised his annual 2027 and 2028 earnings per share (EPS) growth estimates by 3% to 4% for each year.
According to reports, the analyst believes GE Vernova's strong momentum will keep orders flowing in. With that, the company's backlog will likely rise to $200 billion next year.
NYSE: GEV
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A winning approach
A swelling backlog, of course, means a firmer base for revenue in future periods. While this isn't surprising, as GE Vernova has established an enviable position in power generation equipment for artificial intelligence (AI) data centers, it is indicative of its ability to win and retain important (and lucrative) business. I remain optimistic about this company's future, and I feel Virgo's bullishness -- and ambitious price target -- are justified.
