Cameco Corporation (CCJ) PT Raised to $63 at BofA Securities

BofA Securities analyst Lawson Winder raised the price target on Cameco Corporation (NYSE: CCJ) to $63.00 (from $60.50) while maintaining a Buy rating.

The analyst comments "With persistent deficits in uranium (U3O8) markets through 2027E, we maintain our bullish near to medium term outlook for spot U3O8 prices. However, spot and term market activity has been softer than expected in 2024E due, in our view, to a pull-back in US fuel buyer activity on uncertainty around availability of Russian origin enriched uranium, and ‘threat’ of increased supply from Kazakhstan. Yet with a potential retaliatory Russian export ban in response to the U.S. import ban and continued acid pressures in Kazakhstan, we think uncertainties could become concerns on supply security. We think U3O8 prices should appreciate from here. We update estimates and roll-forward our valuation basis by one year for Cameco (CCJ), our price objective (PO), increases to $63 (C$85) from $60.50 (C$82)."

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