Citi ups Oklo price target as company executes “on all fronts”

Citi analysts lifted their price target for aspiring nuclear power provider Oklo Monday, after meeting with management last week.

They cited progress on the company’s reactor licensing strategy, its new radioactive fuel supply business — part of an acquisition that closed in March — as well as Oklo’s ability to borrow at lower-than-expected costs recently.

Analysts led by Vikram Bagri, who have a “neutral/high risk” rating on the stock, lifted their price target to $95 a share from $68. (It’s currently trading around $90.) They wrote:

“The company is executing on all fronts with new supply contracts for long lead time items, a dual-track licensing approach, diversification through its radioisotope business, and the exploration of new avenues for fuel procurement. We lift our target price as we incorporate radioisotope business.”

In particular, they spotlighted Oklo’s strategy of pursuing licensing for its reactors on parallel tracks with both the Nuclear Regulatory Commission — the traditional decider on all things nuclear in the US — and the Department of Energy, which under the Trump administration has begun issuing faster authorizations for initial development of experimental reactors, without applicants having to wait for full commercial approval of reactor plans from the NRC, as was previously typical. We recently wrote about that approach here.

Oklo has no revenue and Wall Street analysts don’t expect it to have any significant sales until 2028, when they project it will still be seeing losses.