Reversing course from the 4% slide it suffered last week, Nano Nuclear Energy (NNE +8.71%) stock is rocketing higher today. A new firm has initiated coverage on the nuclear stock, and investors are enthusiastic about the analyst's perspective.
As of 12:58 p.m. ET, shares of Nano Nuclear Energy are up 9.4%.
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This analyst sees shares soaring over 100% higher
Initiating coverage on Nano Nuclear Energy, Sean Milligan, a Needham analyst, rated the stock a buy and assigned a $33 price target. Based on Nano Nuclear Energy's Friday close of $15.73, Milligan's price target implies upside of 110%.
NASDAQ: NNE
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According to Thefly.com, Milligan based his outlook on several factors, including recognition that the $580M in liquidity provides a strong runway as the company advances toward the licensing phase of its small modular reactors.
What's a potential nuclear energy investor to do now?
Unsurprisingly, Nano Nuclear Energy stock is shooting higher today, considering Milligan's auspicious outlook. Investors interested in this nuclear energy stock must remember, however, that this is merely one opinion -- not a guarantee that shares will, in fact, climb to this level.
While it's worth acknowledging Milligan's outlook, investors would be better served by monitoring the company's progress toward securing the requisite licenses to commence commercial operations. The Nuclear Regulatory Commission, for example, anticipates completion of the company's Kronos MMR reactor environmental assessment in the first quarter of 2027, with the safety evaluation in the third quarter of 2027.
