BWX Technologies price target raised to $160 from $115 at BofA

BofA analyst Ronald Epstein raised the firm’s price target on BWX Technologies (BWXT) to $160 from $115 and keeps a Buy rating on the shares. The recent run up of BWX’s stock price has been principally a result of scarcity premium in the small modular reactor, or SMR, market, argues the analyst, who adds that the firm appreciates BWX’s position as a merchant supplier in the market, allowing it to be agnostic to the SMR developers. The firm sees BWX benefiting from increased demand for CANDU nuclear power plants and nuclear microreactor developments and adds that it is “uniquely positioned” to the U.S. Navy build up as the sole-source supplier of nuclear power plants for submarines and aircraft carriers.