Morgan Stanley cuts PT on New Fortress Energy; shares down

Morgan Stanley cuts PT on energy infrastructure company New Fortress Energy NFE.O to $4 from $13

New PT still implies a 43.8% upside to stock's last close

NFE shares down 1.8% to $2.73

"After pre-selling LNG under its Cheniere supply contract in 4Q24, NFE will likely need to continue to source gas in the spot market over the remainder of this year and in 2026 (at higher costs) to fulfill its downstream gas supply obligations" - Morgan Stanley

Brokerage sees risks to the company's financial position and a high interest burden

Three of 6 brokerages rate the stock "buy" or higher and 3 "hold"; median PT is $8 - data compiled by LSEG

Including session's moves, stock down ~82% YTD