GE Vernova (GEV.US) shares tumbled 8.6% on Monday after GLJ Research slapped a "Sell" rating on the company with a $470 price target—the lowest on Wall Street—arguing the stock is essentially "a cyclical gas turbine manufacturer being valued like a long-term compounding growth entity," while shares hover near $880.

Monday's slide deepened the ongoing weakness across the U.S. power infrastructure sector, with GE Vernova pacing the decline. Despite the pullback, the stock still holds roughly one-third year-to-date gains, though it has shed 16% over the past month.

GLJ's Gordon Johnson contends that GE Vernova "is a cyclical industrial business, yet its valuation is positioned against software comparables." He points out that the stock trades at a forward EV/EBITDA multiple of 38.9x—nearly four times the valuation of Micron Technology (MU.US), whose earnings are equally hostage to industry supply-demand dynamics beyond its control.

Johnson wrote, "For most people covering this name for their entire careers, gas turbines have already seen two full boom-bust cycles. The market is betting this time is different. We think that's a premature conclusion."

The analyst notes that GE Vernova's order-to-delivery timeline has stretched to four to five years, with premium-priced orders not materializing until 2029 and cyclical risks set to aggregate by 2030. He asserts that all orders placed in 2026 and 2027 will be delivered in 2030 and 2031, when his supply model estimates industry effective capacity of 104 to 113 gigawatts against order volumes of just 88 to 90 gigawatts.