BTIG lowered the firm’s price target on New Fortress Energy to $15 from $35 and keeps a Buy rating on the shares. The company has done a good job of putting long term optionality into the stock with Brazil business that is expected to start ramping in 2025 with growth in 2026 and 2027 and Nicaragua’s targeted startup in Q4, which should help drive EBITDA higher next year, but with its bonds trading down over the last few weeks, the bond market may drive New Fortress Energy’s stock price until the management addresses its near-term maturities, the analyst tells investors in a research note.
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