NuScale(US:SMR) 智通财经网·2025-12-11 06:52Core Viewpoint - Citigroup has reiterated a "Sell/High Risk" rating for NuScale Power, significantly lowering its target price from $37.50 to $18.50 due to contract uncertainties and revenue pressures [1] Group 1: Company Analysis - NuScale Power is the only small modular reactor company with approval from the U.S. Nuclear Regulatory Commission, providing it with a significant regulatory and time advantage [1] - The company has gained a first-mover advantage in the context of increasing electricity demand driven by data centers and artificial intelligence [1] - Despite its advantages, NuScale faces substantial project execution risks, and its stock price appears to have already factored in a large portion of the expected installations before 2040, which does not align with the projected increase in global nuclear capacity [1] Group 2: Financial Outlook - Short-term factors may drive the company's stock price higher, but long-term revenue pressures are expected to persist [1] - Existing contract-related revenues are declining, and partner Fluor (FLR.US) is continuously reducing its stake, leading to potential liquidity issues for NuScale [1] - NuScale may need to issue additional equity to meet payment commitments, and the expected sales timeline for its first nuclear module has been pushed back by two years [1] - The likelihood of securing definitive contracts with the Tennessee Valley Authority in the near to medium term is considered low [1]