X‑Energy Falls as New Analyst Coverage Splits on Advanced Nuclear Timeline

Overview

• - Six major banks launched coverage after the IPO quiet period ended, with five Buy or Overweight ratings and price targets ranging from $28 to $57.
• - The stock has dropped about 19% over the past week after a late‑April IPO priced at $23 that saw a 56% surge in its first two sessions.
• - Guggenheim set a $57 Buy at the high end, Jefferies began at Hold with a $28 target, and Morgan Stanley rated Overweight at $41 while calling X‑Energy a first mover in next‑gen nuclear.
• - UBS, JPMorgan and TD Cowen issued upbeat notes with targets of $40, $38 and $35, citing interest in small modular reactors for data centers, energy security and industrial decarbonization.
• - Analysts weighed a 11.5 GW, 144‑reactor pipeline topping $150 billion and customers like Amazon, Dow and Centrica against pre‑commercial finances ($94 million revenue, $390 million net loss, 71% negative gross margin), supply‑chain and fuel risks, and Morgan Stanley’s projections that point to EBITDA breakeven in 2030 and a first project online in 2033.