Nano Nuclear Energy double downgraded to Sell at Ladenburg after Q3 update

As previously reported, Ladenburg double downgraded Nano Nuclear Energy (NNE) to Sell from Buy with a price target of $9, down from $51, following the company’s fiscal Q3 business update. The firm’s hope was that management would streamline its strategy and prioritize core initiatives, particularly the Kronos reactor, but the company instead continues promoting a broad, diversified model, the analyst tells investors. Initiatives encompassing ancillary ventures in fuel, transportation, and consulting are “distractions” for a company of Nano Nuclear’s size and capitalization, argues the analyst, who adds that the company’s credibility has been “eroded by missed timelines and broad strategic ambitions.”