Jefferies raises Ormat Technologies' PT on rising demand for carbon-free power
Jefferies raises PT on renewable energy co Ormat Technologies ORA.N to $97 from $84; maintains "buy" rating
New PT represents 15.8% upside to stock's last close
Brokerage says latest U.S. Senate draft favors geothermal energy and energy storage technologies, creating "best of both worlds" scenario for ORA
"We think there's more room to go as we see demand for carbon-free, baseload power only strengthening as renewables like wind/solar are increasingly less favored," Jefferies says
Adds that it sees very few Inflation Reduction Act (IRA) winners as budget bill gets closer to finalization, but ORA might be as close as it gets
5 of 10 brokerages rate stock "buy" or higher, 5 "hold"; median PT is $84 - data compiled by LSEG
Up till last close, stock up 23.7% YTD
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