Oklo rated Buy with 77% upside on AI-linked nuclear power and fuel recycling potential

Oklo Inc., an advanced nuclear company focusing on fast fission power plants, nuclear fuel recycling, and radioisotope production, is rated a Buy due to its strategic position in AI infrastructure power constraints. The analyst estimates Oklo's Aurora-Ohio project could generate about $249 million in annual EBITDA, contributing to a total normalized EBITDA of approximately $435 million across all units. The price target is set at $99, implying a 77% upside, based on a 30x forward EV/EBITDA multiple. Key risks include execution delays, fuel availability, and regulatory timing, but the company’s diversified approach across power, fuel, and isotopes offers multiple growth opportunities.