Wells Fargo Just Slashed Its Price Target on NuScale Power (SMR) Stock

Wells Fargo Just Slashed Its Price Target on NuScale Power (SMR) Stock

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NuScale Energy (NYSE:SMR) inventory is within the information Tuesday after analysts at Wells Fargo cut their price target for the nuclear energy plant firm’s shares.

This new drop has the agency’s analysts reducing the worth goal for SMR inventory from $7.50 per share to $4.50 per share. That’s a possible 55.6% draw back from its prior closing worth. It’s additionally nicely beneath the analysts’ consensus price prediction of $8.65 per share.

To go together with this worth goal discount, Wells Fargo downgraded SMR from an “equal weight” score to an “underweight” score. That’s beneath the analysts’ consensus score of reasonable purchase primarily based on 5 opinions.

What’s Behind the Bear Stance on SMR Inventory?

The Wells Fargo analysts increase a number of issues about NuScale Energy in a latest observe to purchasers. The most important drawback is NuScale Energy failing to safe any prospects for its VOYGR nuclear energy crops.

One other concern that Wells Fargo’s analysts increase is the competitiveness of its NuScale Energy’s merchandise. The agency notes that it doesn’t know the way nicely the nuclear energy crops will truthful when in comparison with different strategies of energy technology.

SMR inventory is down 29.1% as of Tuesday morning with greater than 7 million shares traded. That’s already surpassed its day by day common buying and selling quantity of about 2.9 million shares.

Buyers who wish to know extra about the newest inventory market tales are in luck!

We’ve all the hottest inventory market information value studying about on Tuesday! Just a few examples embrace what’s occurring with shares of Astera Labs inventory, Zoomcar (NASDAQ:ZCAR) inventory and JOYY (NASDAQ:YY) inventory right now. All of that information is able to go on the hyperlinks beneath!

Extra Tuesday Inventory Market Information

On the date of publication, William White didn’t have (both immediately or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/03/wells-fargo-just-slashed-its-price-target-on-nuscale-power-smr-stock/.

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