JPMorgan has adjusted its price target for Ormat Technologies (ORA, Financial), increasing it from $75 to $85, while maintaining a Neutral rating on the stock. This change comes as part of a second-quarter outlook for the clean energy sector. The analyst notes a challenging short-term scenario for utility-scale renewable energy, despite strong power demand and recent legislative progress.
A recent Executive Order, issued on July 7, tasks the Treasury Department with revisiting safe harbor guidelines by August 21, which could significantly influence the utility-scale renewables market. Furthermore, new permitting procedures at the Department of Interior might restrict project visibility, according to JPMorgan's analysis.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 9 analysts, the average target price for Ormat Technologies Inc (ORA, Financial) is $87.67 with a high estimate of $100.00 and a low estimate of $76.00. The average target implies an downside of 2.16% from the current price of $89.60. More detailed estimate data can be found on the Ormat Technologies Inc (ORA) Forecast page.
Based on the consensus recommendation from 10 brokerage firms, Ormat Technologies Inc's (ORA, Financial) average brokerage recommendation is currently 2.3, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Ormat Technologies Inc (ORA, Financial) in one year is $92.35, suggesting a upside of 3.07% from the current price of $89.6. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Ormat Technologies Inc (ORA) Summary page.
