NANO Nuclear Energy (NNE) PT Raised to $39 at Benchmark

Benchmark analyst Michael Long raised the price target on NANO Nuclear Energy (NASDAQ: NNE) to $39.00 (from $15.00) while maintaining a Buy rating.

The analyst commented: "NNE has enjoyed solid momentum since its IPO last month, with the U.S. Senate's 88-2 passage of the ADVANCE act last week, coupled with NNE's announced acquisition of ALIP IP for cooling and heat transfer for use in its ODIN SMR. Alongside these positive events, the stock has appreciated over 400% since its IPO pricing of $4 in May, effectively reducing the cost of equity capital we had in our model. Thus, with the stock at current levels, our share count now increases to 38mm shares vs our previous estimate of 55mm shares in our 20-year NAV calculation. This combined with our reducing our 30% discount rate assumption to 25%, reflecting improved capital positioning in our opinion, produces a $39 target price vs our previous $15 target price. Reiterate Buy."

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