Deutsche Bank downgraded New Fortress Energy to Hold from Buy with a price target of $35, down from $40. The analyst cites ongoing uncertainty as it relates to the contract status in Puerto Rico for the downgrade. The analyst believes the company’s guidance of $2.0 B in adjusted EBTIDA for 2024 assumes a steady-state of the current contracts through the end of the year, which is not something the firm assumes. Rather, its model assumes that the 350 MW assets are sold to Puerto Rico by Q2 and that the contracted margin gets reduced by 3.0-times.
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