Analyst George Gianarikas of Canaccord Genuity maintained a Buy rating on NuScale Power, retaining the price target of $60.00.
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George Gianarikas has given his Buy rating due to a combination of factors surrounding NuScale Power’s recent developments and strategic partnerships. A significant driver for this positive outlook is the landmark agreement with ENTRA1 and TVA to construct 6 GWs of nuclear power in the United States, which represents a major advancement in the nuclear power sector. This partnership, a result of years of collaboration and innovation, has the potential to transform both the company and the industry.
Despite the stock not experiencing a substantial increase following the announcement, Gianarikas believes that the market’s need for more clarity on the deal’s execution and financial structure is a temporary hurdle. He anticipates that as NuScale provides more detailed insights into their operational strategies, such as supply chain catalyzation and manufacturing plans, the market will better appreciate the significance of the deal. Additionally, Gianarikas acknowledges the momentum NuScale is gaining, supported by other strategic agreements and the broader context of energy constraints, which positions the company for future success.
SMR’s price has also changed dramatically for the past six months – from $17.670 to $32.460, which is a 83.70% increase.