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RBC Capital Markets downgraded Boss Energy Ltd (ASX:BOE) from Outperform to Sector Perform on Wednesday, setting a price target of AUD3.40.
The downgrade comes as Boss Energy shares are trading more than 10% above RBC’s price target, according to the research firm’s analysis.
RBC Capital identified the spot uranium price as the biggest driver of Boss Energy’s share price movements over the past 12 months and expressed concern that uranium prices "could be muted in the near-term."
Despite the downgrade, RBC continues to view Boss Energy as its "preferred pick in the ASX-listed uranium space" due to the company’s low-cost in-situ recovery Honeymoon mine re-start project.
The rating change reflects RBC’s valuation concerns rather than fundamental issues with the company’s operations or long-term prospects in the uranium sector.
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