Wall Street analyst assigns 195% upside to NuScale Power (SMR developer), citing AI data-center demand for distributed, modular nuclear capacity.

NuScale Power (NYSE: SMR) has endured a difficult 2026, with shares declining roughly 40% since the year began. Yet one Wall Street analyst remains decidedly bullish. George Gianarikas of Canaccord Genuity sees 195% upside potential from current levels, and he is not alone—three additional analysts tracked by TipRanks.com project at least 100% upside over the next 12 months.

Gianarikas's optimism rests on multiple converging factors. He is particularly enthusiastic about NuScale's partnership with ENTRA1 and TVA to develop a 6-gigawatt small modular reactor (SMR) on the eastern U.S. coast, describing it as "a transformative opportunity that could significantly accelerate NuScale's path to commercialization and scale." The catalyst is tangible: NuScale's CEO expects to sign a power purchasing agreement by the end of 2026, committing the utility to purchasing power from the facility for potentially decades.

Gianarikas is also bullish on NuScale's Romanian SMR project, which recently secured critical regulatory approval. However, this project has experienced substantial delays over the years and is not expected to achieve commercial viability until 2033 or 2034, limiting its near-term value contribution.

A critical factor driving Gianarikas's projection is his use of a 5% terminal growth rate in his valuation model. Most analysts employ terminal growth rates between 2% and 4%, calibrated to expected inflation or GDP growth. A 5% rate is considered aggressive. While NuScale's long-term potential arguably justifies an elevated growth assumption, investors should recognize that Gianarikas's bullish thesis reflects not only a depressed current stock price but also optimistic assumptions about the company's future trajectory.