Piper Sandler lowers Oklo stock price target on higher capex estimates

• Piper Sandler cut Oklo's price target to $49 from $55 but kept Overweight rating • Capex estimate for new plants raised to $7,000/kW from $4,000/kW • Capital markets day expected Spring 2027 with fuller guidance on PPAs and fuel costs Piper Sandler lowered its price target on Oklo Inc. to $49 from $55 while maintaining an Overweight rating. Shares trade at $27.49, near their 52-week low and down 61% year-to-date, though InvestingPro sees them near fair value. The firm raised its capex estimate for new plants to $7,000 per kilowatt from $4,000, and shifted its modeling to named plants rather than pipeline conversions. Construction is ramping up at Idaho National Laboratory following the DOE's Preliminary Documented Safety Analysis, equivalent to a construction permit. Piper Sandler expects an update on NRC submission timing for Meta, since an 18-month review plus 24-month construction period implies initial application timing in early 2027. The firm expects fuller guidance at Oklo's Spring 2027 capital markets day, covering plant capex, power purchase agreements, fuel costs, a possible second Groves site disclosure, and timing for first isotope revenues. Oklo remains unprofitable but holds more cash than debt. Piper Sandler raised its 2034 EBITDA estimate about 2% on higher depreciation and does not expect new letters of intent, though any new agreements would be a positive catalyst. Separately, Oklo announced an at-the-market stock offering that could raise up to $1 billion via sales agents including Goldman Sachs and J.P. Morgan. Canaccord Genuity reiterated Buy with a $100 target citing isotope division growth; Truist Securities reiterated Hold at $51; UBS cut its target to $41 from $55 with a Neutral rating.