Roth MKM raised the firm’s price target on Ormat Technologies to $80 from $76 and keeps a Buy rating on the shares. The company’s Analyst Days commentary indicated that it is anticipating continued growth in adjusted EBITDA of 10%-11% from 2023-2028, and its project returns are expected to be attractive, driven by rising demand for firm renewable power and storage, the analyst tells investors in a research note. Ormat shares also look “attractive” following the modest 3% pullback as the higher project returns are expected to enable the company to self-fund all capex through 2028, the firm added.
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