New Fortress Energy (NFE) PT Raised to $58 at Stifel on Fast LNG Concept
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Stifel analyst Benjamin Nolan raised the price target on New Fortress Energy (NASDAQ: NFE) to $58.00 (from $50.00) noting that the company's hottest opportunity is the downstream business build-out but the newest one is the Fast LNG concept that puts a liquefier on a jackup rig that the company FID'd.
The analyst reiterated the Buy rating, stating "Strategically, the Fast LNG concept allows the company to build out a fixed price LNG source in basically half the time as competitors. While the smaller you go, the fewer economies of scale are achieved, however, smaller becomes manageable to self-finance development. Importantly, offtake has been the most important part of getting a liquefaction facility off the ground. Therefore, by being the first and best customer, you can justify building these Fast LNG terminals one by one. There are some unanswered questions around where the Fast LNG terminals will go, but we believe the company will find enough locations to keep up with its growing downstream business."
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