New Fortress Energy (NFE) Maintained Outperform at Morgan Stanley Despite 3Q Miss

Morgan Stanley analyst Devin McDermott reiterated an Overweight rating and $49.00 price target on New Fortress Energy (NASDAQ: NFE) despite 3Q EBITDA and revenue of of $79 MM / $305 MM falling short of the consensus $150MM / $317 MM.

The analyst stated "With 3Q earnings, the company showed continued progress on its key initiatives including terminal construction, blue hydrogen/ammonia, and Fast LNG. While were lower than expected, our long-term thesis remains intact, with NFE offering an attractive free cash flow and growth outlook, along with a "free option" on growth in clean fuels and hydrogen."

For an analyst ratings summary and ratings history on New Fortress Energy click here. For more ratings news on New Fortress Energy click here.

Shares of New Fortress Energy closed at $30.01 yesterday.

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