As electricity demand continues to climb, especially from AI data centers and large industrial users, investors are paying closer attention to companies developing reliable sources of clean, around-the-clock power. Fervo Energy Company (FRVO) has emerged as one of the names attracting growing interest for its enhanced geothermal technology, which uses proven oil and gas drilling techniques to unlock geothermal resources in places that were once considered uneconomical.
That story gained fresh momentum on Monday after Jefferies upgraded FRVO stock to a “Buy” from a “Hold” and assigned a $34 price target. The bullish call comes after the stock pulled back sharply from its post-IPO highs, with the investment firm arguing that the recent weakness has created a more attractive entry point. Jefferies also believes the market may be underestimating how close Fervo is to its next major milestones and the progress it has already made in demonstrating its technology.
