富国银行将Venture Global上调至增持，但市场盘中以下跌回应其AI数据中心电力故事

Venture Global ( VG ) slumped 1.7% in Tuesday's trading despite winning an upgrade to Overweight from Equal Weight with a $21 price target, lowered from $15, at Wells Fargo, believing the company can execute on at least 2 GW of its AI data center strategy. Venture Global ( VG ) recently said it secured GE Vernova heavy-duty turbine slots spanning 2029-34, including a meaningful portion of GE Vernova’s remaining capacity in 2029-30, and Wells Fargo analyst Praneeth Satish sees a high likelihood of the deliveries converting into firm data center projects given the scarcity of heavy-duty turbine slots in 2029-30. Satish said the 2029-30 deliveries alone represent ~2 GW of the broader 11 GW framework and could be worth $5/share, which likely is not reflected in Venture Global's ( VG ) current stock price. Also part of Venture Global's ( VG ) strategy to expand its infrastructure capabilities beyond LNG exports to data centers, the company also announced agreements with GE Vernova, GE Grid, and Baker Hughes for as many as 16 gas-fired power islands of 720 MW each, enough to support up to 10 GW by 2034, which it would build and lease on a triple-net basis. Because fuel is passed through to the tenant, Satish sees the leases functioning as take-or-pay revenue for Venture Global ( VG ) once customers sign; importantly, the analyst thinks the company plans to build not just the power but also data center shells, estimating a total ~$25B of EBITDA on $160B of capex, or a 6.5x build multiple.