Wall Street analysts scrambled to keep up with GE Vernova this week, dramatically hiking their stock price targets after the power company’s shares blew past expectations on a strong second quarter. Its shares rallied more than 14% on Wednesday to close at an all-time high, after raising its full-year guidance as robust power demand blunts the effect of President Donald Trump’s tariffs. Its stock nearly doubled this year to book the second-best performance in the S & P 500. “Given what we viewed as elevated expectations ahead of GEV’s 2Q25 earnings, we are somewhat surprised in the strength of GEV shares’ outperformance,” Citi analyst Andrew Kaplowitz told clients in a note published Wednesday. But rather than dismissing the rally as exuberance, Citi hiked its stock price target by $126 and now sees GE Vernova shares hitting $670, suggesting a modest upside of more than 6% over Wednesday’s close. The company has the potential to sustain a much higher share price than Citi expected because it is a “prime beneficiary of growing global power demand,” Kaplowitz said. Its gas turbines are in high demand from artificial intelligence data center developers with its order backlog continuing to grow. Equipment orders jumped more than 135% “which gives more confidence in the ‘stronger for longer’ narrative in the global gas market,” Wolfe Research analyst Nigel Coe told clients Wednesday. GE Vernova is also a leader in the development of small modular nuclear reactors , an emerging technology that could play a major role in the company’s future. It is the first Western company to break ground on a commercial SMR with construction underway in Ontario. Its offshore wind power segment still faces challenges but appears “relatively contained and, for now, mainly overlooked given positive momentum elsewhere in the portfolio,” Kaplowitz said. Bank of America was also bullish, bumping its price by $105 to set a target of $725 per share, implying 15% upside from Wednesday’s close. Data centers placed $500 million of orders for the company’s electric equipment in the first half of 2025, compared to $600 million in all of 2025, the bank noted. “We argue that a premium multiple is warranted given above-peer earnings growth and margin trajectory,” BofA analyst Andrew Obin told clients in a Wednesday note. Wells Fargo, meanwhile, raised its price by a whopping $224 to a target of $674 per share, indicating 7% upside from Wednesday’s close. This reflects favorable long-term tailwinds for GE Vernova and higher prices for its turbines and electric equipment supporting greater revenue, analyst Michael Blum told clients in a Thursday note. Wolfe Research, however, did sound a note of caution amid all the bullish sentiment on Wall Street: “There’s a lot to like, but a lot is priced in,” Coe said.