New Fortress Energy price target raised to $17 from $16 at Stifel

Stifel analyst Benjamin Nolan raised the firm’s price target on New Fortress Energy (NFE) to $17 from $16 and keeps a Buy rating on the shares. While there remains some execution risk, Stifel is increasingly convinced that the company is likely to sell all or most of the Jamaica operation for well north of $1B, significantly reducing leverage and capital costs, and the growth opportunity in Puerto Rico is finally accelerating, the analyst tells investors in a research note. As a result, there should be a significant ramp in cash flows over the next few years with very little capital investment, Stifel contends.