Jefferies raises PT on Ormat Technologies on favorable power pricing trends

Ormat Technologies

25/03/2025 13:55

** Jefferies raises price target on renewable energy company Ormat Technologies ORA.N to $86 from $78

** ORA shares up marginally in morning trade

** New PT represents a 20.9% upside to stock's last close

** Brokerage expects ORA to deliver on 2028 financial targets given strong pricing trends even without data center contracts reflected in guide just yet

** Sees recontracting as biggest driver behind long-term value given management commentary implying pricing above $100/megawatt-hour

** "IRA uncertainty is increasingly top of mind, but ORA pointed to its safe harbor program in place securing geothermal projects through 2028 and storage through 2026 at least" - Jefferies

** 4 of 10 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is $78 - data compiled by LSEG

** Including session's move, stock up 5.1% YTD

 (Reporting by Pooja Menon in Bengaluru)

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