CCJ - Why Shares of Cameco Are Powering Higher Today
2024-04-01 12:13:31 ET
Starting off the new month on a positively energetic note, Cameco (NYSE: CCJ) stock is shooting higher today. While both the S&P 500 and Dow Jones Industrial Average are in the red, investors are clicking the buy button on the uranium producer's stock after learning of some favorable attention that the stock is receiving from Wall Street.
As of 11:15 a.m. ET, shares of Cameco are up 5.5%, retreating from their earlier rise of 7.4%.
Initiating coverage on Cameco, Goldman Sachs assigned a $55 price target and buy rating on the stock. According to The Fly, Neil Mehta, an analyst at Goldman Sachs, predicated the auspicious outlook on the company's commanding market position and the belief that demand for uranium will soon rise, leading to higher prices -- all of which will benefit Cameco.
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Why Shares of Cameco Are Powering Higher Today