Marvell shares spike amid report SoftBank explored possible takeover
Investing.com - Cantor Fitzgerald raised its price target on Fermi (NASDAQ:FRMI) to $33.00 from $27.00 on Monday, while maintaining an Overweight rating on the stock. Fermi currently trades at $26.21, having posted a significant 9.99% return over the past week, according to InvestingPro data.
The firm cited Fermi’s continued execution following its IPO, highlighting several recent agreements that demonstrate the company’s strategic progress. InvestingPro analysis shows FRMI has a "WEAK" financial health score and typically trades with high price volatility.
Cantor Fitzgerald noted Fermi’s new dual nuclear agreement with Hyundai Engineering & Construction and Doosan Enerbility, the only scaled AP1000 manufacturer, as a key development supporting the higher valuation.
The research firm also pointed to Fermi’s agreement for 157.5 MW of fast-deploying GE TM2500 turbines as another positive factor in its assessment.
Fermi has secured water access rights and favorable tax arrangements with the City of Amarillo and Carson County, further strengthening its position at its strategic Amarillo site where it previously signed a 99-year land lease.
In other recent news, Fermi America has secured a 10-year tax abatement from Carson County for its planned 11-gigawatt energy campus, alongside a 20-year water agreement with the Amarillo City Council. This agreement will supply up to 2.5 million gallons of water per day, with potential expansion to 10 million gallons as the project grows. The project is significant for its potential impact on the local economy and infrastructure.
Several investment firms have initiated coverage of Fermi’s stock, reflecting interest in its growth potential. Evercore ISI has given Fermi an Outperform rating, setting a price target of $37.00, citing its role in the AI and datacenter power ecosystem. Rothschild Redburn also initiated coverage with a Buy rating and a $31.00 price target, emphasizing Fermi’s AI power solutions. Mizuho provided an Outperform rating with a $27.00 price target, noting the company’s ambitious plans for data centers and power delivery. UBS has rated Fermi with a Buy, setting a $30.00 price target, highlighting its early-stage status and substantial generation capacity plans. These developments suggest significant interest in Fermi’s future prospects from the investment community.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.