TD Cowen Names X-Energy Best Smid-Cap Idea, Buy Rating $35 Target

TD Cowen named X-Energy, Inc. (NASDAQ:XE) a top smid-cap idea for 2026 in a note on June 23, 2026, reiterating a Buy rating and $35 price target. The bank believes the stock's decline after the Q1 earnings report was excessive.

Rating Change

TD Cowen did not change its rating; it reaffirmed the existing Buy rating and $35 price target.

Analyst Rationale

Analysts at TD Cowen view the post-Q1 pullback as overdone, presenting a buying opportunity. They cite the company's strong fundamentals in the small modular nuclear reactor space as supporting the positive outlook.

Context

XE trades below the $35 target, offering potential upside. No other analysts have issued similar notes recently. The stock has been volatile since Q1 results, but TD Cowen sees this as temporary.

What This Means for Investors

The recommendation reflects confidence in X-Energy's long-term prospects, but investors should consider nuclear sector risks and market volatility before investing.