Report published September 25, 2026
Oklo Inc: Model Update, PT to $41 – UBS Equity Research Analysis
UBS · September 25, 2026
UBS lowered its price target for Oklo Inc to $41 from $55 while maintaining a Neutral rating following an estimate and valuation model update. The reduction is driven by peer multiple de-rating from 15x to 12x 2030E EV/EBITDA, despite a 2% lift to cumulative 2033–35E adjusted EBITDA.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.UBS maintained its Neutral rating on Oklo Inc while cutting the 12-month price target to $41 from $55, driven by peer group valuation multiple compression.
- 2.The valuation multiple applied to YE2034 adj. EBITDA was lowered to 12x from 15x (discounted 6.5 years vs. 6.75 years previously), reflecting a 3-month de-rating across nuclear comparables.
- 3.Cumulative 2033–2035E adjusted EBITDA estimates were raised by 2%, as higher expected SG&A is more than offset by lower long-term R&D spending.
Table of Contents
- Maintain Neutral, PT to $41
- U.S. Nuclear Gaining Momentum
- Valuation
- Trading data and key metrics
- EPS (UBS, diluted) (USD)
- Estimate Revisions
- Clean Energy & Related Stock Performance
- UPSIDE/DOWNSIDE SPECTRUM
- Forecast returns
- Company Description
- Valuation Method and Risk Statement
- Quantitative Research Review
Report data
Figure 2: OKLO comps — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m price target | 41.00 USD | Price target reduced from prior US$55.00 |
| Closing share price | 38.31 USD | Price as of 24 Sep 2026 |
| Cumulative 2033-35E adj. EBITDA estimate revision | 2% | Increased primarily due to lower long-term R&D spend offsetting higher SG&A |
| EV/EBITDA multiple applied to YE2034 adj. EBITDA | 12 x | Valuation multiple reduced from 15x previously, discounted 6.5 years vs 6.75 years previously |
| Market capitalization | 6.75 USD billion | Oklo trading data and key metrics |
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