TD Cowen raised its price target on GE Vernova (NYSE:GEV) to $780.00 from $680.00 on Thursday, and retained a Buy rating on the stock. The updated target implies roughly a 10% upside from GEV’s then-current share price of $711.59, while analyst targets overall span from $500 to $1,000, according to InvestingPro data.
Summary - TD Cowen's action follows what the firm called "a mixed day for the Power complex," yet GE Vernova shares gained ground, rising 2.7% on the news. The stock’s advance came even though TD Cowen characterized the company’s guidance as essentially reiterated "By ’28" and noted that Prolec is now included in that guidance. InvestingPro data shows GEV trading near a 52-week high of $731 and delivering a 101.91% return over the past year.
TD Cowen attributed the favorable market response primarily to the company's order performance and forward-looking indicators. The firm highlighted commitments totaling 100GW of gas power by year-end 2026 and a 2.5x book-to-bill ratio in GE Vernova’s Electrification segment. Those operational markers, TD Cowen said, likely underpinned investor confidence.
The analyst's commentary also emphasized pricing dynamics within GE Vernova’s backlog. TD Cowen pointed to margin accretion embedded in the backlog and to the prospect of additional margin gains from service renewal agreements (SRAs) that have not yet been booked. Financial metrics cited in relation to these observations include a gross profit margin of 19.79% and reported EBITDA of $2.7 billion.
InvestingPro-sourced financial figures were also referenced to place the order and margin commentary in context. The company logged 8.97% revenue growth over the last twelve months, and is projected to grow revenue by 7% for fiscal year 2026, per InvestingPro data.
TD Cowen’s new $780 price target represents a $100 increase from its prior $680 target, reflecting the firm’s continued optimism about GE Vernova’s business trajectory. InvestingPro assigns GEV an overall financial health rating of "GOOD" with a score of 2.99.
Market attention to GE Vernova has coincided with the company’s recent quarterly results. In its fourth-quarter 2025 report, GE Vernova posted earnings per share of $13.39 versus an expected $3.22, a 315.84% surprise. Revenue for the quarter came in at $11 billion compared with the $10.23 billion consensus forecast.
In the wake of the company's disclosure of sizable gas turbine orders and service agreements, other analysts have revised their targets as well. BMO Capital increased its price target to $785 and maintained an Outperform rating. Oppenheimer raised its target to $871 while noting challenges in the Wind business that affected fourth-quarter results and 2026 guidance. These analyst updates reflect differing assessments across the company’s business lines amid ongoing strategic efforts and industry headwinds.
Key points
- TD Cowen raised its GE Vernova price target to $780 from $680 and kept a Buy rating, implying about a 10% upside from the cited share price.
- The firm pointed to strong order metrics - including 100GW of gas power commitments by year-end 2026 and a 2.5x book-to-bill in Electrification - plus backlog pricing supporting margin improvements.
- Other analysts also lifted targets after the company posted Q4 2025 results that substantially beat expectations and disclosed major gas turbine orders and service agreements; however, the Wind business poses challenges to parts of the outlook.
Risks and uncertainties
- Guidance limitations - TD Cowen described the company’s guidance as essentially reiterated "By ’28" and noted Prolec’s inclusion, indicating potential constraints on near-term visibility.
- Business-segment headwinds - Oppenheimer highlighted difficulties in the Wind business that affected fourth-quarter results and 2026 guidance, underscoring segment-level risk within GE Vernova’s portfolio.
- Unbooked service renewals - While SRAs are identified as a potential source of incremental margin, those agreements have not yet been booked, leaving uncertainty over the timing and scale of any realized improvement.
The developments outline a company that is seeing tangible order momentum and pricing traction while also navigating uneven performance across segments. Investors and industry participants will likely watch backlog conversion, booked SRAs, and segment recoveries as indicators of whether analyst optimism will be met by sustained cash-flow outcomes.