UBS analyst Jon Windham upgraded Ormat Technologies to Buy from Neutral with a price target of $105, up from $103. Post the Q4 report, the analyst believes the company’s adjusted EBITDA growth is set to accelerate to 10% through 2027 from 5% in 2018 through 2022. The growth inflection is underpinned by a visible pipeline of new geothermal, solar, and storage projects expected to grow total capacity in operation by 30% by 2026, the analyst tells investors in a research note. The firm sees likely additional upside from the Inflation Reduction Act driven demand for new standalone battery storage projects and state mandates in California driving incremental U.S. geothermal demand through 2035.
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