Ormat Shares Fell 5.2% After Being Downgraded (ORA)
Fri. November 06, 2009; Posted: 12:27 PM
Nov 06, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 11/6/2009 - Ormat Technologies Inc. (NYSE:ORA) shares fell 5.2% Friday after an analyst with Jefferies & Co. downgraded the stock. According to an AP report, analyst Paul Clegg downgraded the stock to "hold" from "buy" and lowered his price target to $42 from $45. He said, "Upside from product revenues appear further out than we previously believed," and added that the development pipeline has run into several delays on projects, which has prompted management to trim the expected size of future plans in the pipeline as they better analyze geothermal resources.
Write to Chip Brian at cbrian@tradethetrend.com
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