Jefferies raises Ormat Technologies' PT on rising demand for carbon-free power

Ormat Technologies

01/07/2025 12:51

** Jefferies raises PT on renewable energy co Ormat Technologies ORA.N to $97 from $84; maintains "buy" rating

** New PT represents 15.8% upside to stock's last close

** Brokerage says latest U.S. Senate draft favors geothermal energy and energy storage technologies, creating "best of both worlds" scenario for ORA

** "We think there's more room to go as we see demand for carbon-free, baseload power only strengthening as renewables like wind/solar are increasingly less favored," Jefferies says

** Adds that it sees very few Inflation Reduction Act (IRA) winners as budget bill gets closer to finalization, but ORA might be as close as it gets

** 5 of 10 brokerages rate stock "buy" or higher, 5 "hold"; median PT is $84 - data compiled by LSEG

** Up till last close, stock up 23.7% YTD

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))