Cameco rises after RBC Capital Markets raises PT

Energy Fuels

21/11/2024 13:12

** U.S.-listed shares of Canadian uranium supplier Cameco
 CCO.TO ,  CCJ.N  rise ~2% to $58.75 premarket
    ** RBC Capital Markets raises PT on Cameco ("outperform") to
C$90 from C$75 on "higher forecasted uranium prices, increased
production, and strong nuclear growth prospects"
    ** "We explore our updated uranium S&D outlook through to
2040 and raise our long-term uranium price to $100/lb (up from
$75/lb previously)," brokerage says
    ** "Into 2025, supply-side risks will likely remain while
contracting activity may pick up given only moderate volumes
secured in 2024" - RBC Capital 
    ** Other uranium miners also up, with Uranium Energy  UEC.A 
up 1.4%, Energy Fuels  UUUU.A  rising 1.2%, and Centrus Energy
 LEU.A  gaining 1.1%
    ** As of last close, Cameco up 33.7% YTD

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))