Ormat Technologies price target raised to $89 from $86 at JPMorgan

JPMorgan analyst Mark Strouse raised the firm’s price target on Ormat Technologies to $89 from $86 and keeps a Neutral rating on the shares. Ahead of the Q2 results in the alternative energy and services sector, the analyst maintains a near-term preference for utility-scale solar stocks. Investor sentiment has been weak, primarily owing to concerns regarding consumer spending and interest rates, which will likely not materially change with the Q2 results, the analyst tells investors in a research note. The firm believes utility-scale solar remains the “most attractive, and likely safest,” segment of the group, saying order activity likely remained solid with long-term utility decarbonization targets relatively less impacted by the economic cycle.