Analyst Jeff Osborne of TD Cowen maintained a Hold rating on Ormat Techno, boosting the price target to $100.00.
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Jeff Osborne’s rating is based on a combination of factors that reflect both strengths and challenges for Ormat Technologies. The company has shown strong performance in its product and storage segments, driven by new contracts and a growing backlog, alongside successful execution of the Lower Rio project. Additionally, Ormat’s partnerships with SLB and Sage Geosystems are advancing their Enhanced Geothermal Systems (EGS) technology, which could provide long-term benefits.
However, the electricity segment has faced challenges, with lower gross margins due to decreased energy rates and curtailments, particularly affected by NV Energy’s transmission maintenance. While the company is making strides in EGS commercialization, it remains a future prospect dependent on pilot success. These mixed results, with strong product and storage performance but weaker electricity margins, have led Osborne to maintain a Hold rating on the stock.