– Sectors – Vertiv Holdings Co (VRT)

November 2, 2026

Vertiv Holdings Co. (VRT) — 3Q26 Hit Some of What we Said Would Change our Mind, but Part of the Beat was Borrowed from 2Q. Overall Biz = Less Strong than it Looks. Maintain Sell; PT Down to $187 (from $188).

By Gordon L. Johnson II

We said what would make us wrong. Some of it happened. On 29 September we listed the tests: 3Q revenue inside the $3.65-3.85bn guide with no more “timing” talk, a 4Q guide held at ~$4.3bn,…

October 19, 2026

Data Center Channel Check — Three Years of Backlog became One: a Hyperscale Developer Confirms AI Spending is Slowing

By Gordon L. Johnson II

Not for lack of wanting to spend. Land, power, moratoria and rates are the brakes. Reiterate SELL on VRT. Bottom Line A channel check dinner held this past Sunday night with a senior executive of…

October 9, 2026

Vertiv Holdings Co. (VRT) – We Couldn’t Confirm Cooling Quality Issues at Last Month’s Yotta Conference. One of Our Peers Seems to Have Done It for Us

By Gordon L. Johnson II

Reiterate SELL, $188 PT. Bernstein’s hyperscaler checks call the quality concerns overblown. Its own exhibits describe the problem. We came back from Yotta (28-30 September) with secondhand chatter that Vertiv’s liquid-cooling equipment was having quality…

October 6, 2026

Vertiv Holdings Co. (VRT) – Emerson Network Power in a “Liquid-Cooled Suit”. Initiating at SELL; $188 Price Target

By Gordon L. Johnson II

A cyclical industrial that came public through a SPAC and nearly ran out of road in 2022 now trades at 28x forward EBITDA. Our 2027 adj. EBITDA is 6% below the Street, the liquid-cooling market…