BNP Paribas has downgraded its rating for GE Vernova (GEV.US) from "Buy" to "Neutral," setting a price target of $1,190. The adjustment follows the company's disclosure that 90% of its gas turbine production capacity is committed under contracts through the end of 2030, which is expected to make sustaining growth momentum more challenging. Analyst Moses Sutton indicated that continued growth will require securing new orders, which would involve customers committing to projects that have not yet received regulatory approval or lack power purchase agreements for financial backing. Sutton noted that while GE Vernova's order backlog appears stable and consists largely of well-defined projects, the status of its international orders remains less clear. Additionally, conflict in the Middle East could lead to delays in contracts valued at approximately $4–5 billion in Saudi Arabia. However, Sutton added that it is too early to consider this a negative development. The analyst affirmed a Neutral rating for GE Vernova and clarified that his view should not be interpreted as bearish. Shares of GE Vernova closed down 2.52% at $1,120.23 on Monday. Despite the decline, the stock has risen nearly 72% year-to-date.