UPDATE: Jacob Securities Reiterates on Ormat Technologies Following Q3 Reports
In a report published Thursday, Jacob Securities analyst John McIlveen reiterated a Hold rating on Ormat Technologies (NYSE: ORA), and raised the price target from $25.00 to $30.00.
In the report, Jacob Securities noted, “Revenue of $130.7 million exceeded our forecast of $123.7 million but missed the street estimate of $137.6 million. Adjusted EBITDA of $55.5 million beat our forecast of $51.2 million but missed street estimate of $60.7million...Our 2013 EBITDA moves slightly up to $210 million. Our Hold rating is maintained. Our one-year price target is increased to $30.00 from $25.00 due to rolling forward at another quarter at 10x EV/EBITDA for 2013.”
Ormat Technologies closed on Wednesday at $26.70.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.