Oppenheimer lowered the firm’s price target on Ormat Technologies to $84 from $96 and keeps an Outperform rating on the shares. The firm cites valuation trends and industry-wide asset timing considerations. The company has not yet indicated any impact to operations from the situation in Israel. Oppenheimer is looking for color on project debt financing amid higher base rates, but sees domestic geothermal IRRs supporting the ability to absorb higher cost of capital.
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