Ormat Technologies price target lowered to $80 from $92 at Roth MKM

Roth MKM analyst Justin Clare lowered the firm’s price target on Ormat Technologies to $80 from $92 but keeps a Buy rating on the shares. The company’s $271M acquisition of geothermal and solar assets from Enel Green Power North America feature “attractive” economics with an 8.4-times enterprise value to expected EBITDA implied multiple before additional value from further optimization and greenfield projects is considered, though the firm is reducing its price target to account for the compression of multiples across the industry, the analyst tells investors in a research note.