Ormat Technologies price target raised to $139 from $125 at Roth Capital

Roth Capital raised the firm’s price target on Ormat Technologies (ORA) to $139 from $125 and keeps a Buy rating on the shares ahead of its earnings. The firm is modeling Q4 slightly below consensus, reflecting a more conservative margin outlook driven by potential curtailments and continued normalization in Storage pricing and margins, the analyst tells investors in a research note. Roth adds however that it sees an upside risk to shares from continued execution on PPAs – power purchase agreements – with hyperscalers and data-center customers, while recontracting existing assets provides an additional lever to capitalize on sustained demand for round-the-clock renewable power.