Oklo (OKLO) PT Lowered to $30 at Citi

Citi analyst Vikram Bagri lowered the price target on Oklo (NYSE: OKLO) to $30.00 (from $31.00) while maintaining a Neutral rating.

The analyst comments "Modestly Negative. Oklo is adding a larger 75MW reactor design due to data center customer requirements that indicate 60-75MW as the sweet spot. Importantly, the higher output leverages the existing 50MW design and does not require license approach changes. While the larger design will require higher upfront capex, it will have better overall plant economics. Pipeline appears largely unchanged at 14.1GW as of Mar-25 following the 12GW agreement with Switch. Pre-application readiness assessment with the NRC, a precursor to the COLA application, is expected to start soon followed by a formal application submission in 4Q25 once the ADVANCE Act becomes effective. Atomic Alchemy may start contributing to revenues from 1Q26 and will be a ~$5mm use of cash this year. While deployment is on-track, larger NT cash requirements and increased likelihood of outside capital before the first reactor commissioning will likely weigh on the stock."

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