Why Investors Were So Energized About Nano Nuclear Energy Today
Key Points
An analyst launched coverage of the shares with a bullish recommendation.
He feels its share price could rise by almost 40% in the coming months.
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An analyst initiated coverage of Nano Nuclear Energy (NASDAQ: NNE) on Tuesday, and investors clearly took this to heart. Collectively, they traded the stock up by 7% on the day. That was more than sufficient to top the 0.4% rise of the benchmark S&P 500 index that trading session.
Saying yes to Nano
The pundit in question was Texas Capital Securities' Nate Pendleton, who has tagged Nano with a buy recommendation. He set a price target of $49 per share for the nuclear stock, which is almost 40% higher than its most recent closing price.
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According to reports, Pendleton waxed bullish on Nano's flagship offering, its Kronos MMR micro-reactor. In his view, it is a very efficient product that features a high degree of safety and isn't dependent on high-assay, low-enriched uranium (HALEU) for fuel.
The analyst added that the company is doing an admirable job diversifying its business, providing investors with exposure to other segments of the nuclear industry, such as specialized fuel transportation.
Still a risky play
Pendleton also opined that Nano has a strong chance of becoming a leader in the next-generation nuclear power space. However, I should caution here that despite its clear potential as a business, the company is still pre-revenue and hasn't yet proven that it can successfully deploy its solutions.
That said, the U.S. is currently in the midst of a nuclear energy push, so the company has a large, glowing green light in front of it. I'd be inclined to be bullish on its future, but in my mind, this stock is a speculative play only for investors with a relatively high degree of risk tolerance.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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