Data center infrastructure provider Vertiv (VRT) is on a roll thanks to the buildout of artificial intelligence capacity. Vertiv stock notched a record high on Friday.
The Westerville, Ohio-based company delivered a beat-and-raise earnings report on Wednesday. Vertiv’s adjusted earnings rose 63% year over year to $1.24 a share in the third quarter. Its sales advanced 29% to $2.68 billion.
Vertiv provides power, cooling and other infrastructure for data centers, communication networks and commercial and industrial facilities.
In an interview with Investor’s Business Daily, Chief Executive Giordano Albertazzi said Vertiv had a “very strong” quarter and guided higher for the full year.
“We are very optimistic about the trajectory for the future (with a) $9.5 billion backlog,” he said. “It’s all good.”
In afternoon trades on the stock market today, Vertiv stock rose around 2% to 186.78. Earlier in the regular session Friday, it hit an all-time high of 188.89.
Business in North America has been “extremely strong,” Albertazzi said, with sales rising 43% year over year in the region in the third quarter. In the Asia Pacific region, including China, sales rose 20% in Q3, he said.
However, business in Europe, the Middle East and Africa has been relatively slow, he said. Albertazzi expressed confidence that those markets will catch up as the AI megatrend expands.
Data center business in Europe should reaccelerate in the second half of 2026, he said.
Vertiv Stock Scores Price-Target Hikes
At least nine Wall Street analysts raised their price targets on Vertiv stock after the company’s Q3 report.
TD Cowen analyst Michael Elias reiterated his “top pick” buy rating on Vertiv stock and raised his price target to 210 from 162.
“We view management commentary on accelerating data center demand positively and would view weakness as a buying opportunity as we favor investing in ‘picks and shovels’ companies given the strong demand environment,” Elias said in a client note.
Vertiv stock is on three IBD lists: IBD 50, Big Cap 20 and Leaderboard.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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