UPDATE: Jacob Securities Lowers PT to $24 on Ormat Technologies

A report from Jacob Securities reiterates its Buy rating and lowers its price target from $34 to $24 on Ormat Technologies (NYSE: ORA).

The report states, “Ormat reported Q3 ending June. Revenue and EBITDA beat the street and met our estimates. Ormat raised its Product revenue guidance for 2011 from $90 million to $100 million. Electricity revenue guidance remains from $315 million to $325 million for 2011. We think EBITDA is a little higher but Ormat does not release its cash flow statement until later."

ORA closed yesterday at $18.96.