FBR Capital Starts UR-Energy (URG) at Outperform
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FBR Capital initiates coverage on UR-Energy (NYSE: URG) with a Outperform rating and a price target of $1.00.
Analyst Lucas Pipes commented, "We base our rating and price target on an EBITDA multiple approach on our forward estimates, which extend through 2018. Overall, we believe Ur-Energy is well positioned to weather the current soft uranium spot pricing headwinds with its stable production levels, ongoing cost-cutting initiatives, development prospects, and solid contract book. While we believe long-term fundamentals support higher uranium prices, we see the potential for continued low prices and minimal spot sales by URG over our forecast period. Still, we believe Ur-Energy’s contract book will provide a high degree of support, considering that contracted sales average over $20/pound above spot prices. We are positive on URG's various development opportunities, both greenfield at the Shirley Basin in situ project and brownfield at Lost Creek. We believe URG remains undervalued against our estimates and recommend accumulating shares."
Shares of UR-Energy closed at $0.53 yesterday.
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