VRT 2Q26 Earnings Review: Still a great stock but the halo effect is now gone. Reducing TP to $368.

研报英文原文证据摘录

VRT 2Q26 Earnings Review: Still a great stock but the halo effect is now gone. Reducing TP to $368.

31 July 2026

Varun Govindaraj

+1 917 344 8543

U.S. Multi Industry & Electrical Equipment varun.govindaraj@bernsteinsg.com

Vertiv Holdings Co Specialist Sales

Steve Song

Rating +1 917 344 8401

Outperform steve.song@bernsteinsg.com

Price Target

VRT 368.00 USD (416.00 OLD)

VRT 2Q26 Earnings Review: Still a great stock but the halo effect

is now gone. Reducing TP to $368.

Recap: Vertiv reported revenues of $3.3B in 2Q26, missing consensus of ~$3.4B, Close Date 30 Jul 2026

representing organic growth of approximately 18%. Adjusted diluted EPS of $1.52 beat

VRT Close Price (USD) 227.50

the Street estimate of ~$1.42. Adj. op. profit of 22.6% also came in ~100 bps higher than

Price Target (USD) 368.00

expected. Growth was the big disappointment; VRT was down18% on the weak print.

Upside/(Downside) 62%

Miss on organic + supply chain concerns: In our preview, we said the bogey to beat was 52-Week Range 379.94/118.70

~30% organic; VRT came in extremely light at 18%. Mgmt. mentioned this was related to SPX 7,437.63

supply chain issues, specifically for prefabricated solutions (e.g., SmartRun / OneCore). FYE Dec

These products have more complicated supply chains, and delays in one component Div Yield 0.1%

could lead to delays in shipping out these high value modular units. VRT needs to resolve Market Cap (USD) (M) 87,585

these issues to meet a heavily back-weighted guide; we’re not entirely convinced they can EV (USD) (M) 87,730

since we haven’t heard much detail from them on the “how”. It’s hard to solve supply chain Performance YTD 1M 6M 12M

issues in a quarter. 800V DC lag: Management highlighted that the SST is still in product Absolute (%) 40.4 (32.1) 22.2 57.8