NuScale Power downgraded to Neutral from Buy at BTIG

BTIG downgraded NuScale Power (SMR) to Neutral from Buy without a price target The shares have more than doubled since Q1 earnings in mid-May, when management guided to the company booking its first U.S. order by the end of this year, the analyst tells investors in a research note. The firm continues to like the stock longer term, but says some catalysts have already played out, including the Nuclear Regulatory Commission awarding standard design approval at the end of May, Congress continuing to support U.S. nuclear power development tied to the Inflation Reduction Act, and positive election results in Romania. BTIG believes NuScale is well positioned for the eventual build out of small modular reactor deployments in the U.S. and internationally, but downgrades the stock to Neutral, waiting for the backlog to materialize and to get more clarity around project economics.