UPDATE: Oppenheimer Starts Ormat Technologies (ORA) at Outperform
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(Updated - September 8, 2016 9:48 AM EDT)
Oppenheimer initiated coverage on Ormat Technologies (NYSE: ORA) with an Outperform rating and a price target of $54. Analyst Noah Kaye expects the company's expertise and proprietary technology advantages to support share gains in geothermal.
"We see ORA as a vertically integrated leader in geothermal energy with best-in-class project development capabilities, proprietary binary technology, a proven ability to consistently generate double-digit project IRRs and improving financial execution on a corporate level. We believe ORA is well positioned to capture share of the 185+ GW of undeveloped global geothermal resources, particularly in developing markets," said Kaye.
Shares of Ormat Technologies closed at $49.30 yesterday.
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