Ormat Technologies price target lowered to $93 from $104 at Roth MKM

Roth MKM analyst Justin Clare lowered the firm’s price target on Ormat Technologies to $93 from $104 and keeps a Neutral rating on the shares. The company’s Q4 results were "healthy" but its 2023 guidance was lower than expected, with the outlook impacted by resource reductions experienced in Q4 along with project delays across geothermal, storage, and solar assets, the analyst tells investors in a research note. The firm adds however that the delays were implemented in order to potentially upsize projects and improve economics by better- capturing incentives available through the Inflation Reduction Act.