Analyst George Gianarikas of Canaccord Genuity maintained a Buy rating on NuScale Power (SMR – Research Report), boosting the price target to $36.00.
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George Gianarikas has given his Buy rating due to a combination of factors including the recent approval of NuScale Power’s 77 MWe per nuclear power module uprate by the NRC. This approval is significant as it resolves a major concern for investors and paves the way for potential firm orders by the end of the year.
Additionally, the approval has led to an increase in the price target from $26 to $36, reflecting adjustments in the long-term model related to module deployments beyond 2033. These adjustments are expected to positively impact the company’s financials earlier through potential licensing and service revenue. Despite acknowledging some risks and limited upside, Gianarikas believes the Buy rating is justified given the recent developments and the company’s growth potential beyond 2040.
According to TipRanks, Gianarikas is an analyst with an average return of -2.6% and a 37.40% success rate. Gianarikas covers the Industrials sector, focusing on stocks such as NuScale Power, Surf Air Mobility, Inc., and Arq Inc.
In another report released on May 27, CLSA also maintained a Buy rating on the stock with a $41.00 price target.