Deutsche Bank analyst Chris Robertson upgraded New Fortress Energy (NFE) to Hold from Sell with a price target of $11, up from $7.60. The firm cites its new analysis of recent developments related to the company’s financial position for the upgrade. Since Deutsche’s downgrade to Sell in early October, New Fortress has improved its cash liquidity and debt maturity situation through a $400M equity issuance and via a substantial debt refinancing agreement which pushed out several near-dated debt maturities to 2029, the analyst tells investors in a research note. The firm increased its valuation multiple from to reflect less near-term liquidity and maturity risk.
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