Core Viewpoint - NuScale Power was upgraded to Neutral from Underperform by BofA Securities, with a revised price target of $28, down from $34, reflecting a valuation adjustment after a significant share price decline [1] Group 1: Upgrade and Price Target - The upgrade to Neutral does not indicate a change in the long-term view on small modular reactors, but acknowledges the 60% decline in NuScale's share price from its peak [1] - Shares of NuScale rose more than 6% intraday following the upgrade [1] Group 2: Near-term Risks - BofA identified several factors affecting near-term risk-reward, including funding and timing mismatches in the ENTRA1 Partnership Milestones Agreement, high near-term cash requirements, and expected incremental dilution [2] - The firm maintains a long-term deployment outlook of approximately 18 gigawatts of cumulative capacity through 2040, but near-term cash flow issues and equity overhang continue to balance the risk-reward profile [3]