Jefferies raises PT on Ormat Technologies on favorable power pricing trends

Jefferies raises price target on renewable energy company Ormat Technologies ORA.N to $86 from $78

ORA shares up marginally in morning trade

New PT represents a 20.9% upside to stock's last close

Brokerage expects ORA to deliver on 2028 financial targets given strong pricing trends even without data center contracts reflected in guide just yet

Sees recontracting as biggest driver behind long-term value given management commentary implying pricing above $100/megawatt-hour

"IRA uncertainty is increasingly top of mind, but ORA pointed to its safe harbor program in place securing geothermal projects through 2028 and storage through 2026 at least" - Jefferies

4 of 10 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is $78 - data compiled by LSEG

Including session's move, stock up 5.1% YTD