Of three major portfolio moves that Ken Fisher’s $387 billion firm made last quarter, one stock now trades below every single analyst price target on Wall Street.
That stock is GE Vernova (NYSE: GEV), which Fisher Investments built up by 38% during the three months ended Sept. 30, bringing its holding to 4.92 million shares valued at $4.68 billion.
The position details emerged from Fisher’s 13F filing on Nov. 6, which also revealed a brand-new $5.2 billion stake in ExxonMobil and a 22% expansion of its Cisco holdings.
Since the quarter closed, however, the three bets have moved in starkly different directions, separating a clear opportunity from a crowded trade.
GE Vernova has shed 14% of its value since Sept. 30, dragged lower by fears over AI data-center spending and political uncertainty after Democrats won Congress on Nov. 3.
The selloff accelerated when Elon Musk posted on Nov. 6 that “SoftBank is defaulting on their turbine orders,” and SoftBank subsequently booked a $3.7 billion charge on power equipment for its Ohio data-center campus and other U.S. sites on Nov. 10.
No GE Vernova cancellation has been confirmed, and the company’s customer deposits and slot reservations remain non-refundable, providing a financial cushion against order pullbacks.
Meanwhile, the company’s underlying business has continued to strengthen, with gas equipment under contract reaching 122 GW as of Oct. 28 and third-quarter orders surging 96% organically to $29.3 billion.
GEV’s consensus analyst target has risen to $1,182 against a last close of $818.49, representing 44% potential upside, and even the most bearish analyst on the street has a target of $940, still well above the current price.
The stock now trades at roughly 35 times forward earnings, a steep discount to its own average multiple of 53 times since mid-2024, while analysts forecast normalized earnings per share to more than double from $15.62 in 2026 to $37.11 in 2028.
The principal risk lies in the cash flow composition: $5.3 billion of GE Vernova’s $5.4 billion in third-quarter free cash flow originated from working capital, largely customer down payments, making the company vulnerable if another major data-center client reduces orders.
Fisher’s new ExxonMobil (NYSE: XOM) position, which entered the portfolio at 31.93 million shares worth $5.2 billion and immediately ranked as its 16th-largest holding among 1,054 positions, has gained 4% since quarter-end.
The oil major sweetened its shareholder returns on Oct. 30 by raising its dividend and announcing $20 billion in buybacks planned for 2027, but Wall Street’s consensus target of $184 sits only 9% above the recent close of $169.78.
Analysts already expect ExxonMobil’s normalized earnings per share to decline every year from 2026 through 2029, and oil prices face additional pressure after President Trump suggested the conflict with Iran could end soon, pushing Brent crude below $90 for the first time since August.
Cisco (NASDAQ: CSCO), where Fisher expanded its stake by 22% to 40.65 million shares worth $4.37 billion, delivered a strong fiscal first quarter after the positions were established, reporting revenue of $24.5 billion and raising fiscal 2027 guidance to between $74.8 billion and $75.8 billion in revenue.
CFO Mark Patterson said the company is “unlocking significant operating leverage which is enabling us to grow earnings much faster than revenue,” with GAAP earnings per share climbing 58% in the period.
Cisco’s consensus target of $136 implies 33% upside from its recent close of $102.01, and with the company projecting $9 billion in AI infrastructure revenue from hyperscalers this fiscal year, more than double its fiscal 2026 total, that gap looks achievable.
Fisher’s next quarterly filing, covering the fourth quarter, is due in mid-February, shortly after GE Vernova is expected to release its own fourth-quarter results in late January.
