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Bank of America Analyst Raises Price Target by 15% for Vertiv Holdings Co

By Don Francis, Editor
May 16, 2024 7:56 AM UTC
Bank of America Analyst Raises Price Target by 15% for Vertiv Holdings Co

Bank of America's Andrew Obin raised their price target on Vertiv Holdings Co (NYSE: VRT) by 15% from $100 to $115 on May 15, 2024. The analyst maintained their Strong Buy rating on the stock.

Obin's updated price target followed their attendance at the BofA Transportation, Airlines, and Industrials Conference, where they had the opportunity to hear from Vertiv Holding Co's CEO and CFO. Based on the insights gained from this interaction, Obin revised their 2025 Adjusted EBITDA estimate to reflect stronger demand for artificial intelligence (AI) technologies. The analyst also noted that their firm applied a multiple at a premium to the peer average on 2024 due to expectations of above-peer earnings growth.

Currently, 87.5% of top-rated analysts rate VRT as a Strong Buy or Buy, while 12.5% consider it a Hold. None of the analysts recommend or strongly recommend selling the stock.

According to the consensus forecast among analysts, VRT is expected to deliver earnings per share (EPS) of $1.19 in the upcoming year. If these projections hold true, the next yearly EPS for VRT will see a year-over-year increase of 12.4%.

In terms of stock performance, VRT has shown positive momentum. Since the company's last quarterly report on March 31, 2024, the stock price has risen by 28.1%. Moreover, on a year-over-year basis, the stock has soared by an impressive 582.8%. During this period, VRT has outpaced the performance of the S&P 500, which has seen a growth of 28.3%.

Andrew Obin, the Bank of America analyst who raised the price target on VRT, is ranked in the top 11% out of 4,586 Wall Street analysts by WallStreetZen. With an average return of 11.2% and a win rate of 58.7%, Obin specializes in the Industrials and Communication Services sectors, among others.

Vertiv Holdings Co, headquartered in Columbus, Ohio, provides mission-critical infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments worldwide. The company offers a range of products and services, including power management, thermal management, integrated rack systems, modular solutions, and management systems for monitoring and controlling digital infrastructure. These technologies play a vital role in supporting various services such as e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things, and online gaming. Additionally, Vertiv provides lifecycle management services, predictive analytics, and professional services to ensure the optimal deployment, maintenance, and optimization of their products and related systems. The company serves industries such as social media, financial services, healthcare, transportation, retail, education, and government.

What are WallStreet's top analysts forecasting for Vertiv Holdings Co?

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

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