Fermi initiated with a Buy at Stifel

Stifel initiated coverage of Fermi (FRMI) with a Buy rating and $29 price target Fermi is an early-stage company with plans to build 11GW of behind-the-meter power to meet the expected surge in electricity demand from data centers, the analyst tells investors in a research note. The firm views Fermi’s “unique traits” as including its 99-year land lease from Texas Tech University with access to necessary water for cooling, natural gas pipelines to fuel turbines.