Ormat Technologies upgraded to Overweight from Equal Weight at Barclays

Barclays analyst J. David Anderson upgraded Ormat Technologies (ORA) to Overweight from Equal Weight with a price target of $86, up from $80. The firm says geothermal emerged a winner from the proposed tax bill and will benefit from “all of the above” solution with the U.S. facing a severe power deficit over the next five years. As a defensive name in the near term with little earnings risk, Ormat should steadily capture higher power purchase agreement pricing while expanding capacity, the analyst tells investors in a research note. Barclays believes the U.S. is facing a power shortage with 1GW+ data centers coming online in the coming years. As a result, geothermal, being one of the only baseload clean energy sources, has garnered attention, the firm adds.