Fervo Energy Receives Buy Rating from Jefferies After Post-IPO Pullback
Fervo Energy (FRVO), a next-generation geothermal company, received a 'Buy' upgrade from Jefferies on July 21, 2026, with a $34 price target. The upgrade follows a sharp 38% decline from its post-IPO high of $42.65, which Jefferies views as an attractive entry point. The company, which raised $1.89 billion in the largest clean energy IPO in May 2026, uses oil and gas drilling techniques for enhanced geothermal power. Its flagship Cape Station project in Utah targets 500 MW initial capacity with potential expansion to 2 GW. Analysts expect contracted projects to begin generating revenue in the second half of 2026, potentially triggering a re-rating as the company transitions from potential to earnings-based valuation. Fervo also has a project supplying clean electricity to Alphabet (Google).
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