Wedbush Morning Call - May 13 2026 7:05AM

研报英文原文证据摘录

Wedbush Morning Call - May 13 2026 7:05AM

MORNING CALL - May 13, 2026

Best Ideas List (BIL)/Upgrades/Downgrades/Initiations

Oklo Inc (OKLO)

Rating: OUTPERFORM, 12-Month Price Target: $110.00, Price: $73.63

1Q26 Update: Commercial Pipeline Expands as Regulatory Tailwinds Accelerate

OKLO reported its FY1Q26 (March) results as the company continues to build operational momentum while adding new

regulatory/partnership catalysts that further reinforce its long term opportunity for domestic nuclear deployment. The

regulatory environment continues to accelerate as the Trump Administration remains committed to positioning nuclear as a

cornerstone of US energy and AI infrastructure policy, with the NRC advancing the proposed Part 57 framework targeting 6-12

month licensing timelines and fleet-based licensing for smaller advanced reactors that align directly with OKLO's repeatable

powerhouse deployment model as Part 57 is expected to be usable later this year. OKLO exited 1Q26 with ~$2.5 billion in total

liquidity following completion of the $1.5 billion ATM program in January, well-positioned to fund 2026 operating CF guidance

of ($100.0) - ($80.0) million and investing CF guidance of ($450.0) - ($350.0) million. We maintain our OUTPERFORM rating

and $110 price target.

The Meta agreement continues to anchor the pipeline with the 1.2 GW Ohio campus progressing through pre-construction

activities, an initial 150 MW phase targeted around 2030, and prepayment funds expected to support fuel procurement during

2026 as management indicated additional PPA discussions are advancing with other data centers, utilities, industrials, oil/gas,

and government applications. The Defense Logistics Agency energy on behalf of the US Air Force issued a NoI to award to