SMR - Why NuScale Power Stock Is Charging Higher This Week
2024-06-28 10:51:27 ET
After a strong performance last week, shares of NuScale Power (NYSE: SMR) have continued to climb this week. That earlier surge was prompted by news that the Department of Energy planned to provide $900 million in funding to support the deployment of small modular reactors (SMRs) of the type that NuScale is developing. But the catalyst for the nuclear energy stock's latest rise appears to have been an analyst's auspicious outlook on the company's future.
According to data provided by S&P Global Market Intelligence , from the end of last week's trading session through the close of trading Thursday, NuScale Power rose by 19.6%.
On Thursday morning, B. Riley Securities analyst Ryan Pfingst hiked his price target on NuScale to $14 from $8. From its closing price of $11.52 on Wednesday, Pfingst's target implies an upside of about 22%.
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Why NuScale Power Stock Is Charging Higher This Week