Citi lowered its price target on Oklo Inc. to $33 from $57.50. The bank maintained a Neutral rating on the shares.
This adjustment followed a broader review of the alternative energy equipment and services sector. The review occurred ahead of third-quarter earnings. Citi noted the renewables sector is currently out of favor due to higher interest rates, policy uncertainty, and rising costs. However, Citi's analyst believes strong underlying demand in the sector is increasingly disconnected from weak equity market sentiment.
Separately, Cathie Wood's ARK Investment purchased 150,998 shares of Oklo on October 20.