NuScale Power Corporation (NYSE:SMR) shares are trading lower after UBS downgraded the stock to Sell from Neutral and lowered its price target to $6.00 from $10.00, citing construction timeline challenges and a lack of firm customer commitments.

• NuScale Power stock is feeling bearish pressure. What’s weighing on SMR shares?

NuScale Faces 5‑Yr Build Timeline, UBS Cuts Price Target

UBS said competitors are moving toward construction while NuScale faces an estimated five-plus-year build timeline that presents meaningful challenges, and the firm now assumes only one project begins construction in 2028. UBS forecasts approximately $700 million in cumulative cash burn from 2026 through 2028, with revenue projected to rise from $185 million in 2028 to $924 million in 2030 — a 123% compound annual growth rate — while earnings remain negative through 2030.

At the current stock price, UBS estimates the market implies $124 million of 2028 EBITDA, compared to its own forecast of $29 million. UBS said project delays, setbacks tied to the RoPower project in Romania, and limited progress on a Tennessee Valley Authority agreement should expose that valuation gap. The new price target implies approximately 40% downside from NuScale’s share price at the time of the note.

NuScale Shares Fall

SMR Price Action: At the time of publication, NuScale shares are trading 3.53% lower at $9.85, according to Benzinga Pro.

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