New York, Jan 9, 2026, 18:18 EST — After-hours
- GE Vernova shares were last down about 1% after the bell as Baird cut its rating to Neutral
- Baird cited rising worries about too much new supply in power equipment, a risk for pricing
- Investors now look to Jan. 28 results for updates on orders, margins and cash flow
Shares of GE Vernova Inc (GEV) fell about 0.9% in after-hours trading on Friday after Baird downgraded the power and grid equipment maker, warning that fresh competition could cool a market investors have treated as supply-tight. The stock was last at about $622.50, after swinging between $612.06 and $640.21 during the session.
The downgrade matters now because a big slice of the bull case has been pricing power — the idea that utilities and data center-led demand will keep turbine and grid gear scarce enough to hold up margins. If more capacity shows up faster than project awards, it does not take much to shift pricing.
It also lands with a near-term catalyst on the calendar. GE Vernova is scheduled to report fourth-quarter and full-year results on Jan. 28, before the U.S. market opens, and management is due on a webcast at 7:30 a.m. ET. (GE Vernova)
Baird analyst Ben Kallo lowered his rating on the stock to Neutral from Outperform and cut his price target — the firm’s estimate of where the shares should trade — to $649 from $816. Kallo wrote that power-capacity oversupply fears were “shifting sentiment” on GE Vernova, as competitor announcements attract more attention. (TipRanks)
That competitive drumbeat is part of what has made the stock harder to trade day-to-day. In a note highlighted by Barron’s, Kallo pointed to the risk that more companies enter the power generation market, including names such as Doosan, Boom Technology and Caterpillar — a setup that could eventually mean too many turbines chasing too few projects. (Barron’s)
GE Vernova’s shares have been choppy this week. The stock dropped 5.1% on Thursday to $628.40, with volume above its 50-day average, according to MarketWatch. (MarketWatch)
But the downside case is straightforward. If order timing slips, or if new supply pressures turbine pricing, the company could face a tougher mix even with demand holding up — and a high-multiple stock can re-rate fast when margin assumptions wobble.
Next up is Jan. 28. Traders will be listening for any change in the tone on orders and backlog, turbine pricing, and whether management can keep cash generation on track as competition heats up.
