Bank of America said nuclear fuel company BWX Technologies is “the nuclear choice yesterday, today and tomorrow.” Analyst Ronald Epstein reiterated his buy rating on the stock while raising his price target to $160 from $115. The new price target represents an increase of more than 20% from Wednesday’s closing price. BWX’s primary business is providing naval nuclear reactors, nuclear fuel and other parts for U.S. submarines and aircraft carriers. The stock surged 72.1% in 2024 on scarcity premium in the small modular reactor (SMR) market. Epstein said that while the SMR market is still in its infancy, BWX remains a major supplier in the market. “In addition, BWXT is uniquely positioned for the U.S. Navy as the sole supplier of nuclear power plants for submarines and aircraft carriers,” Epstein wrote in a research note Thursday. The analyst added that the company’s The “monopoly position” also insulates it from the downturn in performance of shipbuilders and shipyards. “We view BWXT as a pure beneficiary of bipartisan support for the Department of Defense’s Indo-Pacific strategy,” Epstein said. The stock rose 4% before the market opened on Thursday. Analysts are generally bullish on the stock. LSEG data shows that of the 11 companies covering BWX Technologies, 8 rate it a Buy or Strong Buy.
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