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Investing.com - Bernstein SocGen Group raised its price target on Cameco Corporation (NYSE:CCJ) to $98.00 from $74.00 on Thursday, while maintaining an Outperform rating on the uranium producer’s stock. The company, currently valued at $37.58 billion, has demonstrated remarkable momentum with a 115% surge over the past six months. According to InvestingPro analysis, Cameco is currently trading above its Fair Value.
The significant price target increase reflects Bernstein’s confidence in the long-term nuclear renaissance theme, with the firm citing "strong evidence of demand" in the sector.
Bernstein specifically pointed to the continuing ramp of new builds, small modular reactor (SMR) developments, and pro-nuclear leadership changes expected in 2025 in both the United States and Japan as supporting factors.
The nuclear and uranium sector has significantly outperformed the broader market year-to-date, with various ETFs focused on the theme nearly doubling in value, according to Bernstein’s analysis.
Bernstein’s updated price target, which stands 11% above consensus and represents 15% upside potential, incorporates Canadian dollar market adjustments, a shift from 2026 to 2027 projections, and improved future margins based on fixed costs and cash cost growth control.
In other recent news, Cameco Corporation has been the focus of several analyst reports and strategic developments. BMO Capital increased its price target for Cameco to Cdn$120, maintaining an Outperform rating, even as the company flagged a significant reduction in McArthur River production guidance. Meanwhile, CLSA initiated coverage of Cameco with an Outperform rating and a price target of $102, citing expanding nuclear energy demand as a positive factor for the uranium producer. Goldman Sachs also initiated coverage with a Buy rating, highlighting the positive sentiment toward nuclear growth under the current administration. Additionally, Bernstein reiterated an Outperform rating with a $74 price target, emphasizing Cameco’s stake in next-generation laser enrichment as a strategic asset.
In related developments, uranium stocks, including Cameco, saw a rise following U.S. Energy Secretary David Wright’s announcement of plans to increase the national strategic uranium stockpile. This announcement led to a 7% advance in Cameco’s stock, reflecting the broader positive outlook for uranium stocks. These recent developments underscore the growing interest and potential in the nuclear energy sector, with Cameco positioned as a key player.
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