BTIG analyst Gregory Lewis downgraded New Fortress Energy to Neutral from Buy without a price target. The analyst likes the longer term prospects for natural gas as a “bridge fuel,” but with the shares up 150% year-to-date and growth in the company’s downstream industrial end-user business “stalling,” he downgrades the shares. New Fortress should continue to benefit from the medium term tailwinds around natural gas as a bridge fuel, but visibility in that growth is limited, Lewis tells investors in a research note.
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