BofA Raises its Price Target for GE Vernova (GEV)

GE Vernova Inc. (NYSE:GEV) is included among the Best Nuclear Energy Stocks to Buy Right Now. It was recently announced that BofA has raised its price target for GEV from $520 to $550, while maintaining a ‘Buy’ rating on the shares.

The firm anticipates the U.S. electrical demand to grow at a CAGR of 2.5% from 2024 to 2035, prompting an upward revision of its projections for GE Vernova Inc. (NYSE:GEV)’s Power segment. BofA projects approximately 1,000 GW of capacity to be added by 2035, with about 330 GW coming from natural gas turbines – the core business of GEV.

GE Vernova Inc. (NYSE:GEV) could also be one of the largest winners from the ongoing nuclear energy renaissance, as its subsidiary, General Electric Hitachi Nuclear Energy, is a world-leading provider of advanced reactors, fuel, and nuclear services.

The company made headlines recently after it received permission to begin construction on a small modular reactor (SMR) in Ontario that would be the first reactor of its type in the Western hemisphere, capable of powering roughly 300,000 homes.

GE Vernova Inc. (NYSE:GEV) brings together General Electric’s portfolio of energy businesses, including Power, Wind, Electrification and Digital businesses.

While we acknowledge the potential of GEV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.