GE Vernova CEO Points to 2032 Turbine Sales After Bearish Sell Rating
GLJ Research initiated coverage of GE Vernova with a Sell rating and a Street-low $470 target, calling it a cyclical gas turbine maker. CEO Scott Strazik said 2032 delivery slots are already selling with cash committed and projected $100 billion of contracted HA services revenue by the end of 2027. Shares closed at $957.63 on September 25, roughly double GLJ's target.
GLJ Research began covering GE Vernova on Sept. 14 with a Sell and a $470 target, framing it as a cyclical gas-turbine manufacturer valued like a steady compounder. Two days later, CEO Scott Strazik told Morgan Stanley’s Laguna conference that some 2032 delivery positions were already being sold. The stock ended Sept. 25 at $957.63.
Analyst Gordon Johnson expects premium orders to appear only in 2029, with 2026–27 bookings shipping in 2030–31; his model sees 104–113 GW of industry capacity against 88–90 GW of orders. GE Vernova’s Q2 2026 GAAP EPS missed estimates, while adjusted EBITDA was near consensus. Wind posted a $275 million segment EBITDA loss.
The debate over GE Vernova’s cycle could affect investors holding power-infrastructure shares, as ratings and delivery timing may drive sharp price swings. Utilities and data-center developers relying on gas turbines could face shifting equipment availability and costs, which may influence project schedules. Over time, service contracts tied to installed turbines could shape maintenance spending and, indirectly, electricity reliability or prices for consumers. Workers and suppliers linked to turbine manufacturing may also see demand patterns change if orders slow or accelerate.