According to The Fly, Barclays cited delays in commercial milestones and uncertainty surrounding the proposed TVA deployment as factors increasing NuScale's execution risk.

  • Barclays cut its price target to $5 from $11 and downgraded SMR to an 'Underweight' rating from 'Equal Weight'.
  • According to Koyfin data, 9 of the 18 analysts covering SMR rate it ‘Hold’, while 6 have a ‘Buy’ or ‘Strong Buy’ rating.
  • NuScale is scheduled to report its third-quarter results on November 5, with analysts expecting a loss of approximately $0.12 per share and revenue of $3.84 million, according to Fiscal AI estimates.

NuScale's (SMR) shares drew investor attention on Tuesday after Barclays downgraded the stock and slashed its price target amid concerns over commercial delays. According to The Fly, Barclays lowered its price target to $5 from $11 and cut its rating to 'Underweight' from 'Equal Weight'.

Barclays said NuScale's investment case depends on commercial milestones that have been slower to materialize than expected, increasing the company's execution risk.

SMR shares traded 7% lower in premarket trading on Tuesday, falling to $5.26 from $5.44, below their 52-week low at the time of writing.

According to Koyfin data, 9 of the 18 analysts covering the stock rate it ‘Hold’, while 6 have a ‘Buy’ or ‘Strong Buy’ rating.

TVA-ENTRA1 Deal Remains A Key Milestone

Barclays noted that a definitive agreement between the Tennessee Valley Authority (TVA) and ENTRA1 Energy supporting the proposed 6-gigawatt deployment had yet to be announced. The firm sees a risk that negotiations could extend into 2027, The Fly reported.

TVA and ENTRA1 announced a non-binding agreement in September 2025 to collaborate on developing plants capable of providing up to 6 gigawatts of nuclear power generation. The proposed deployment would use NuScale's small modular reactor technology.

NuScale said in its second-quarter 2026 results that ENTRA1 continued discussions with TVA toward a definitive power purchase agreement.

Other Commercial Updates

NuScale is also working with S.N. Nuclearelectrica and RoPower Nuclear to satisfy conditions attached to Nuclearelectrica shareholders' vote to advance the proposed project in Doicesti, Romania. The project would deploy six NuScale Power Modules at a former coal plant site.

The company ended the second quarter of 2026 with $1.9 billion in cash, cash equivalents and short- and long-term investments, according to its earnings release.

NuScale is scheduled to report its third-quarter 2026 results on November 5, after market close. Analysts expect a loss of approximately 12 cents per share on revenue of $3.84 million, according to estimates from Fiscal AI. 

How Retail Views SMR

On Stocktwits, retail sentiment for SMR improved to ‘bullish’ from ‘neutral’ a day ago, amid ‘high’ message volumes in the past 24 hours. SMR was also one of the trending tickers in the platform at the time of writing.

One user said, “$SMR has been one of the worst performers of the year so far.”

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Another stocktwits user said, “$SMR is probably going to settle somewhere between $1 and $3.”

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SMR shares have dropped over 60% year-to-date.

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