BTIG analyst Gregory Lewis lowered the firm’s price target on New Fortress Energy (NFE) to $8 from $15 and keeps a Buy rating on the shares. The stock fell about 30% after earnings as the company missed on Q1 EBITDA amid weak volumes through core terminals in Puerto Rico and Brazil, the analyst tells investors in a research note. BTIG adds that while recycling cash from the Jamaica sale into near-term maturities is a big step in the right direction, New Fortress’s debt load continues to be a near-term overhang.
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