New Fortress Energy shares are trading lower after the company announced a $500 million proposed offering of senior secured notes. Also, Deutsche Bank downgraded the stock from Buy to Hold and lowered its price target from $40 to $35.
Portfolio Pulse from Benzinga Newsdesk
New Fortress Energy's stock trades lower following a $500 million proposed offering of senior secured notes and a downgrade by Deutsche Bank from Buy to Hold, with a reduced price target from $40 to $35.
March 04, 2024 | 4:25 pm
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New Fortress Energy's stock is likely to face short-term pressure due to the announcement of a significant debt offering and a downgrade by Deutsche Bank, including a lowered price target.
The announcement of a $500 million senior secured notes offering could raise concerns about the company's debt levels and financial health, potentially leading to a negative perception among investors. Additionally, the downgrade by Deutsche Bank from Buy to Hold, accompanied by a reduction in the price target from $40 to $35, signals a less optimistic outlook on the stock from a major financial institution. These factors combined are likely to exert downward pressure on the stock price in the short term.
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