Oklo (OKLO) PT Lowered to $49 at Piper Sandler

Piper Sandler analyst Dimple Gosai lowered the price target on Oklo (NYSE: OKLO) to $49.00 (from $55.00) while maintaining a Overweight rating.

The analyst commented: "What we're looking for - Aurora INL, A3F progress, NRC application for Pike County, Groves-2 timing: Construction is ramping up at INL following DOE PDSA, the DOE equivalent to a construction permit. Details on plant CapEx, PPAs and fuel costs are all top of mind, but investors must wait until CMD in Spring 2027 for fuller guidance. We expect mgmt to give an update on NRC submission timing for Meta given ~18 months review + 24 months construction puts initial application timing at early 2027. A Groves 2 site could be disclosed, or potential timing for first significant isotopes revenues. We have no expectations for new LOIs, so any new agreements or project awards would be a positive catalyst. We update our model to increase new plant CapEx estimates to $7,000/kW from $4,000. We also rebuild or plant additions (MW) drivers to be by named plants rather vs prior conversion of the pipeline. We increase our 2034E EBITDA estimate ~2% on higher depreciation."

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