OKLO
A nicer price target, but still not a love letter
Oklo got a tiny Wall Street glow-up on Wednesday: Goldman Sachs raised its price target to $66 from $63. But before you start picturing confetti, the rating stayed Neutral — which is analyst-speak for “we see the story, we’re just not ready to marry it.”
The stock was already wobbling lower in early trading, which is very on-brand for a company whose valuation lives and dies by the future. When the market trades Oklo, it’s not just trading a nuclear power company. It’s trading the possibility that all the regulatory, fuel, and buildout dominoes actually fall in the right order.
The plutonium plot thickens
The bigger backdrop here is the DOE’s Surplus Plutonium Utilization Program, where Oklo is in advanced negotiations to help turn roughly 20 metric tons of surplus plutonium into advanced reactor fuel. If that sounds like a sci-fi side quest, that’s because it kind of is. But it’s also the kind of thing that could matter a lot if you’re trying to build a next-gen nuclear fuel supply chain in the U.S.
Goldman’s note said the fuel could eventually be converted into around 180 metric tons of reactor fuel — enough for roughly 24 reactors, by the firm’s math. That’s a lot of future megawatts, assuming the approvals, timing, capital, and infrastructure all stop behaving like a group project.
Why investors should care
There are a few moving parts here:
- Oklo is one of the main recipients in the DOE’s initial plutonium tranche
- Its partner newcleo is expected to bring fuel expertise and potentially capital
- The exact timing and quantity of any fuel award is still fuzzy
- The long-term payoff could support Oklo’s fuel fabrication ambitions by 2030
So yes, the analyst lifted the target. But the real story is that Oklo is still in the “promising chess move” phase, not the “checkmate” phase. Big picture: the company is making progress, but this stock still needs a lot of proof before the market starts treating it like a fully baked nuclear winner.