2024-07-09 06:26:41 ET
Summary
- Cameco stock is expected to benefit from uranium bull cycle, with prices rising and long-term contracts secured.
- Forecasting higher prices for long-term uranium contracts, leading to increased revenue and EBITDA for Cameco.
- Target price raised to $55/share, with HOLD rating due to current stock valuation.
Investment thesis
We have covered the stock before, and at that time we expected that uranium ore would likely enter a bull cycle and that Cameco (CCJ) would be the beneficiary. Since our last report, the bull cycle has begun, Cameco has locked in long-term contracts at higher and higher prices for years to come, and the stock is up 20% since then....
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For further details see:
Cameco: Bullish Macro And Higher Ore Prices Already Reflected In Share Price (Rating Downgrade)