UUUU - Energy Fuels rockets higher after Noble sets Street-high $9 PT

Energy Fuels ([[UUUU]] +9.6%) pops as much as 10% after Noble Capital upgrades shares to Outperform from Market Perform with a Street-high $9 price target, reflecting the value of its rare earth element strategy and a belief that the company is well positioned to take advantage of an expected increase in uranium prices.Noble's Michael Heim sees uranium prices returning to historical levels above $50/lb. in the next few years in response to rising demand and decreasing international supply of uranium.The company has begun to process rare earth elements concentrate from monazite sand at its White Mesa plant, and it has indicated its intent to process 15K metric tons/year of sand, which would represent roughly half of U.S. demand but less than 2% of the capacity at White Mesa, according to Heim.The analyst notes Energy Fuels is licensed to produce 11M lbs. of uranium, which would represent more uranium than has

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Energy Fuels rockets higher after Noble sets Street-high $9 PT