Notes from the Road

研报英文原文证据摘录

Notes from the Road

Electrical Equipment & Multi-Industry: Electrical Equipment

GE Vernova

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 11, 2026

Price: $867.09 (06/10/2026) Notes from the Road

Price Target: $1,220.00

BUY (1)

ESG SCORE: 63/100

Marc Bianchi, CFA THE TD COWEN INSIGHT

646 562 1393

We hosted GEV management for meetings this week. The business outlook remains extremely

marc.bianchi@tdsecurities.com

strong in Power and Electrification, while Wind appears on track. Investor interest focused on

Bhairav Manawat the turbine supply / demand balance, slot reservation dynamics, and Electrification growth

646 562 1353 potential including Data Centers, where GEV discussed their 800V solid state transformer

bhairav.manawat@tdsecurities.com

offering.

Esteban Albarracin

646 562 1402 Power: On track to reach 110GW of commitments by YE '26 with continued strong demand

esteban.albarracin@tdsecurities.com supporting price. As previously discussed, 1H should see 10-20% improvement in $/kW from

Key Data 4Q, and with 1Q essentially flat qoq, the outlook implies a sharp increase in 2Q. GEV noted

Symbol NYSE: GEV a total of ~70GW of planned supply among the big three against current demand of ~95GW

Market Cap $233.0B that should remain strong with hyperscalers accounting for 1/5 of commitments and over

time 1/3 awards. While some investors have worried project cost inflation or downstream

bottlenecks could delay award cadence (Data Center construction / EPC availability), our

sense is the GEV's order outlook remains strong, particularly in 60Hz markets. Mgmt. noted

they are looking to see how early 2030s demand builds and whether it can reliably support

incremental capacity expansions before taking any action. Smaller distributed turbines,