Citi downgraded NuScale Power (SMR) to Sell from Neutral with a price target of $37.50, down from $46. The firm’s concerns include potential further sales by Fluor (FLR), stretched valuation, and the view that contract with TVA is unlikely in the near to medium term. Even with a contract, NuScale may need to pay roughly $500M to ENTRA1, requiring outside capital, the analyst tells investors in a research note.
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