JPMorgan Raises Ormat Technologies Price Target to $85 Amidst Q2 Outlook

JPMorgan has raised its price target for Ormat Technologies (ORA) from $75 to $85, while maintaining a Neutral rating. The analyst notes a challenging short-term scenario for utility-scale renewable energy, despite strong power demand and legislative progress. The average target price for ORA is $87.67, with a high estimate of $100.00 and a low estimate of $76.00.

JPMorgan analyst Mark Strouse has increased the price target for Ormat Technologies (ORA) from $75 to $85, while maintaining a Neutral rating. This move comes amidst a challenging short-term outlook for utility-scale renewable energy, despite strong power demand and recent legislative progress. The analyst notes that the July 7 Executive Order directing the Treasury Department to review safe harbor guidelines by August 21 could significantly impact the utility-scale renewables market. Additionally, new permitting processes at the Department of Interior may limit project visibility [2].

The average target price for ORA is $87.67, with estimates ranging from $76.00 to $100.00. This update reflects JPMorgan's cautious stance on the short-term prospects of the sector, despite positive long-term trends. Investors should closely monitor developments in regulatory and permitting processes that could influence Ormat's growth trajectory.

References:
[1] https://uk.investing.com/news/company-news/ormat-technologies-stock-hits-52week-high-at-8889-usd-93CH-4174929
[2] https://www.tipranks.com/news/the-fly/ormat-technologies-price-target-raised-to-85-from-75-at-jpmorgan-thefly