Shares of radiation safety firm Mirion Technologies (NYSE:MIR) jumped 12% on Friday after JPMorgan initiated research coverage with an Overweight rating and a $28 price target, suggesting an upside of roughly 31%.
The rally was further fueled by a Politico report indicating that the US Department of Energy (DOE) is preparing to announce $900 million in funding for domestic uranium enrichment, a development that could indirectly benefit companies operating in nuclear safety and related industries.
At the time of writing, the stock was trading at $23.88, up by 11.43%.
JPMorgan sees strong growth trajectory
JPMorgan’s research note positioned Mirion as a top pick in the radiation safety space, highlighting its leadership across nuclear power, medical cancer care, dosimetry, and research laboratories.
The bank’s $28 price target implies roughly 31% upside from current levels.
The firm cited several growth drivers for its positive outlook, including high-single-digit revenue growth, improving free cash flow conversion to 75% by 2026, and significant EBITDA margin expansion—from about 24% in 2024 to nearly 30% by 2028.
JPMorgan also pointed to Mirion’s robust $825 million backlog and recurring revenue base, with approximately 73% of revenue recurring and 30% derived from software and services.
The recent acquisition of Paragon Energy Solutions, expected to generate $10 million in synergies, was viewed as complementary to Mirion’s margin expansion goals.
Despite the capital commitments required for the deal, the bank expects Mirion to achieve its targeted 600 basis point margin expansion by 2028.
DOE funding signals nuclear industry support
Adding to the sector’s momentum, Politico reported that the DOE is preparing to announce at least $900 million in funding for domestic uranium enrichment, possibly by the end of this month.
The move comes as the US plans to halt Russian uranium imports by 2028, aiming to strengthen domestic supply chains for the 94 nuclear reactors currently providing about 20% of US electricity.
While analysts noted the funding represents seed money rather than a comprehensive solution, the investment underscores growing federal support for the nuclear industry.
Market observers see this as a potential tailwind for companies like Mirion, whose products play a central role in radiation safety and nuclear power operations.
Strategic capital raises and outlook
Mirion has been active on the financing front in recent months.
The company priced an upsized public offering of 17.3 million shares of Class A common stock at $21.35 per share, expected to close on September 30, 2025.
It also launched a $325 million offering of 0.00% Convertible Senior Notes due 2031, raised from an initial $250 million target.
Moody’s Ratings recently affirmed Mirion’s B1 corporate family rating and upgraded its senior secured bank credit facility rating to Ba2 from Ba3, maintaining a stable outlook.
The upgrade followed Mirion’s announcement of its $585 million acquisition of Paragon, financed with proceeds from equity and bond offerings.
The company has also undertaken a series of capital raises, including a $250 million convertible note issuance with an additional $37.5 million purchase option, as well as a $350 million public equity offering managed by Goldman Sachs, Evercore ISI, Citigroup, and Morgan Stanley.
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