Uranium mining giant Cameco and small modular reactor developer NuScale are poised to benefit the most from President Donald Trump’s recent executive orders on nuclear power, according to Goldman Sachs. Cameco and NuScale have rallied on Trump’s orders, gaining nearly 16% and 20% respectively since Friday. Trump’s actions aim to boost domestic uranium mining and enrichment, deploy advanced reactors at Defense and Energy Department facilities, and force the Nuclear Regulatory Commission to approve new reactor licenses within 18 months. Cameco will benefit from increased uranium demand if nuclear generation capacity grows in the U.S. due to the orders, Goldman analyst Brian Lee told clients in a note. The company also controls a 49% stake in reactor developer Westinghouse, which could gain a tailwind if its large AP1000 design is selected for new nuclear plants builds in the U.S. Trump said Friday that his orders focus on small, advanced reactors but the administration also supports building large plants. “We’re also talking about the big plants — the very, very big, the biggest,” Trump said. “We’re going to be doing them also.” NuScale will benefit if its small modular reactor design clears the NRC, Goldman’s Lee said. The Department of Energy could select NuScale’s design to power an artificial intelligence data center. Trump directed the Secretary of Energy to find sites owned by the department where data centers and advanced reactors can be deployed together. Goldman has a buy rating on Cameco with a target of $65, implying nearly 11% upside from Friday’s close of $58.69 per share. The investment bank is neutral on NuScale with a target of $24, suggesting 20% down side from Friday’s close of $30.24 per share.
