Ormat gets analyst pat on the back

In Nevada, Ormat held an analysts day that had at least one group returning to the fold. Analysts at Jefferies & Co. reported renewed confidence in the geothermal developer, establishing a price target of $33 and a hold rating, which means the firm expects Ormat’s shares to provide a total return of +15% to -10% over the next 12 months. The company’s stock took a beating after it announced it would restate 2008 earnings downward, which also resulted in a class action lawsuit. Additional development by Ormat has also been slowed by an inability to get leasing, exploration and drilling permits from the U.S. Bureau of Land Management, which is backed up due to the large volume of applications thanks to renewed interest in geothermal power.