NuScale Power price target lowered to $18.50 from $37.50 at Citi

Citi lowered the firm’s price target on NuScale Power (SMR) to $18.50 from $37.50 and keeps a Sell rating on the shares. The firm attributes the stock’s 52% decline in the past quarter to Fluor’s (FLR) plans to monetize its stake and uncertainty around NuScale’s first firm contract. Citi thinks the stock will remain pressured as the company’s sales from existing contracts decline and Fluor continues to sell shares. NuScale inking a contract with the Tennessee Valley Authority in the near- to medium-term seems unlikely, the analyst tells investors in a research note.

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