UPDATE: Oppenheimer Starts Ormat Technologies (ORA) at Outperform

(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.

For an analyst ratings summary and ratings history on Ormat Technologies click here. For more ratings news on Ormat Technologies click here.

Shares of Ormat Technologies closed at $49.30 yesterday.

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