Global Hunter’s Justin Cable Initiates Coverage on Ormat with Neutral Rating and $45 Target
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/sXXQB8k3HnE/Posted on Saturday, July 11th, 2009 | In Market Commentary, Small & Micro Cap
July 10, 2009 ndash; Analyst Comments ndash; Global Hunterrsquo;s Justin Cable initiated coverage on Ormat Technologies (NYSE:ORA) this morning, citing Ormatrsquo;s industry leadership, expansion into waste heat recovery and outlook for continued growth. Cable rates Ormat at NEUTRAL with a $45 price target.nbsp;nbsp;
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes the cost, efficiency and environmental impact of geothermal are far superior to wind, solar and almost every other renewable energy source;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ormat is the only pure-playnbsp; vertically integrated geothermal provider;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Strong and growing patent portfolio;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increasing government support;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recovered energy power offers incremental growth opportunities;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New leases covering 150 thousand acres provide long-term exploratory potential, in addition to 72-84MW under construction and 151-168MW under development;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Initiating coverage with NEUTRAL rating and $45 price target based on sum of parts analysis which includes $4M per MW of expected capacity by the end of 2010, $1M per MW of capacity under development and 1x sales for the products segment.
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