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Fly News Breaks for April 6, 2018
ORA
Apr 6, 2018 | 07:03 EDT
Oppenheimer analyst Noah Kaye downgraded Ormat Technologies to Perform from Outperform, citing valuation. In a research note to investors, Kaye said that despite the recent pullback, shares still trade at a premium to their historical average and to peers on multiple metrics. The analyst believes investors may be giving Ormat credit for the ability to meet its fiscal 2022 adjusted EBITDA target of $600M, but he sees higher country risk and new business risk.
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