Nuscale Power

SMR · NYSE

$5.58−$0.11 (−1.93%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $5.69

SMR analyst rating

HoldConsensus of 10 analysts over the last 12 months. 30% rate it a buy.

Strong buy0
Buy3
Hold5
Underperform0
Sell2

12-month price target · 18 analysts

Average $12.19 (+118.5% upside)

Low: $6.06
Now: $5.58
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

SMR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 11, 2026	Downgrade	Neutral → Sell	$10.00 → $6.00	45%
B. Riley Securities	Aug 14, 2026	Maintains	Buy	$19.00 → $15.00	18%
RBC Capital	Aug 11, 2026	Maintains	Sector Perform	$14.00 → $10.00	51%
Canaccord Genuity	Aug 6, 2026	Maintains	Buy	$25.00 → $15.00	34%
Citigroup	Aug 6, 2026	Maintains	Sell	$7.50 → $6.50	35%
Barclays	Jul 23, 2026	Maintains	Equal-Weight	$15.00 → $11.00	46%
Truist Securities	Jul 14, 2026	Initiates	Hold	$10.00	23%
Citigroup	May 11, 2026	Maintains	Sell	$9.00 → $7.00	35%
B. Riley Securities	Apr 24, 2026	Maintains	Buy	$24.00 → $19.00	18%
HSBC	Apr 23, 2026	Initiates	Hold	$13.00	53%

The case for and against

Updated Oct 18, 2026

Bull case

NuScale Power is positioned favorably because its 77 MWe proprietary SMR platform combines well-established nuclear principles with passive safety, simpler system integration, and a scalable path to carbon-free baseload power. The investment case is strengthened by tangible commercialization progress: ENTRA1’s discussions with TVA could unlock a 6-8 GW opportunity, Romania’s Doicesti project targets six NPMs and 462 MW, and supply-chain initiatives with Framatome, Curio, and Paragon support fuel readiness and final design completion. Financially, the company ended 2Q26 with about $1.9B in cash, cash equivalents, and investments, no debt, and a stronger balance sheet despite only ~$0.1M in quarterly revenue, giving it flexibility to fund deployment and commercialization.

Bear case

NuScale Power is challenged by a highly uncertain commercialization path, as project development and construction can take longer and cost more than expected, while regulatory approvals, policy support, and customer financing remain critical but not guaranteed. Despite an NRC-approved design and early lead, the company is still effectively pre-revenue, with profitability and cash flow dependent on ramping small-scale nuclear plants and securing firm orders that appear delayed and uncertain. Its downside case assumes revenue reaching about $3bn with 25% gross margins from FY2027-FY2035E, yet near-term reliance on equity funding and an ATM program raises dilution risk amid supply chain and competitive pressures.

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