GE Vernova (GEV) told investors on July 22 that it plans to build more gas turbines than it had ever promised. Morgan Stanley looked at the same quarter and moved in the opposite direction, raising its price target on the stock from $1,250 to $1,350 while keeping an Overweight rating. What Morgan Stanley saw that sellers did notMorgan Stanley analyst David Arcaro called the drop a knee-jerk reaction and a significant overreaction. According to GE Vernova, the company signed 20 GW of new gas equipment contracts in the second quarter, above its 10 GW to 15 GW guidance. Morgan Stanley calculates that GE Vernova has signed 77 GW of new gas contracts over the last twelve months, a book-to-bill ratio of about 2.5 times.