UPDATE: JPMorgan Upgrades Ormat Technologies (ORA) to Overweight

(updating comment)

JPMorgan analyst Mark Strouse upgraded Ormat Technologies (NYSE: ORA) from Neutral to Overweight with a price target of $82.00.

The analyst comments "We view ORA as one of the higher-quality stocks in our Alt Energy coverage universe, based on relative balance sheet strength, earnings power and visibility that originates in the shift toward ownership and operation of a diverse portfolio of geothermal projects. At 9.7x our CY21 EBITDA estimate, an 8% discount to the three-year mean NTM multiple and a 16% discount to the one-year multiple, we think the stock is undervalued. Our December 2021 price target is $82."

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 $62.42 yesterday.

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