NuScale Power price target lowered to $21 from $32 at RBC Capital

RBC Capital lowered the firm’s price target on NuScale Power (SMR) to $21 from $32 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q4 for U.S. Clean Energy. The firm continue to believe there is a lot to like given a strong macro backdrop, even though valuations remain higher than they have been in some time, supported by expectations for stronger bookings and optimistic demand commentary, the analyst tells investors in a research note. Nuclear energy demand is in the early stages of a resurgence, led by hyperscaler demand for always-on clean power, but the firm’s Speculative Risk qualifier reflects the risks associated with a technology that is yet to be commercially deployed at scale, the firm added.