Stifel raised the firm’s price target on New Fortress Energy (NFE) to $23 from $17 and keeps a Buy rating on the shares. The firm notes that on Wednesday, New Fortress announced the 20-year supply contract for a new 478 MW power plant being built by Energiza in San Juan, Puerto Rico. Stifel views this as entirely incremental to New Fortress Energy with very limited capital deployment as it will utilize existing import infrastructure. While not a surprise to the firm, having the contract finalized is helpful in stacking up longer-term growth opportunities and, subsequently, the value upside in the shares.
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