GE Vernova Rides Electricity Boom as Cramer Endorses Stock and Price Target Climbs

Group 1: Company Overview - GE Vernova Inc. is a global energy company headquartered in Massachusetts, incorporated in 2024 as a spin-off of General Electric's energy businesses, focusing on electrification and decarbonization solutions [4] Group 2: Financial Performance - In the second quarter earnings results reported on July 23, 2025, GE Vernova achieved a revenue of $9.11 billion, marking an 11% increase compared to the same period last year [2] - The company's backlog increased by more than $5.2 billion sequentially during the same quarter [2] Group 3: Market Sentiment and Analyst Ratings - Jim Cramer endorsed GE Vernova as a stock pick, indicating a bullish market for electricity driven by the growth of data centers, which benefits the company [1][3] - Jefferies raised GE Vernova's price target from $658 to $668 while maintaining a Hold rating, suggesting a higher potential value for the stock [3] - There are 106 hedge funds invested in GE Vernova, indicating strong institutional confidence in the company [3] Group 4: Strategic Developments - On September 11, 2025, GE Vernova announced the acquisition of its Proficy manufacturing software business by TPG for $600 million, with plans to reinvest the proceeds into its core grid software business [2]