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NuScale Power initiated with a Neutral at Citi

Citi analyst Vikram Bagri initiated coverage of NuScale Power (SMR) with a Neutral rating and $46 price target The company has the first-mover advantage in an industry buoyed by rising power demand from data center artificial intelligence, the analyst tells investors in a research note. However, Citi believes “significant execution risks remain” while the stock appears to be pricing nearly 50GW of installs by 2040. In the near-term, a new customer contract could drive the stock higher, but after the announcement, investor focus should shift entirely on execution and fundamentals while the competition catches on with regulatory approvals, contends Citi.

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