New Fortress Energy price target raised to $46 from $40 at Stifel

Stifel raised the firm’s price target on New Fortress Energy to $46 from $40 and keeps a Buy rating on the shares. With the company transitioning from hyper growth to cash flow harvesting, the firm sees “no reason to believe the overly optimistic view of their capabilities will likely change,” though it believes the company should be able to generate $2.1B of EBITDA in 2024, versus guidance of $2.4B, the analyst tells investors. However, the firm believes the market is “already pricing in skepticism of the company’s indicative goals,” so even a reasonable delivery of free cash flow should enable multiple expansion and share price appreciation, the analyst added.