Bell Potter cuts PT on ASX-listed NexGen Energy; stock gains on uranium spot price rise

Nexgen Energy

17/07/2025 02:11

** Bell Potter cuts PT on ASX-listed shares of NexGen Energy NXG.AX NXE.TO to A$13.55 from A$16.90, maintains "speculative buy"

** Revises PT on Canada-based uranium explorer's Australian stock to account for delayed start in production at Pattersons Corridor East (PCE) project

** Sees spot uranium rising to $98/lb in FY25, $128/lb in FY26 from an avg of $82/lb in FY24

** Expects stock to trade in line with uranium spot price

** Sees "perfect storm" benefiting uranium producers, developers entering market in capturing higher prices given no real near-term supply solution and growing demand for uranium long-term

** NXG gains as much as 3.3% to 2-week high of A$10.58

** ASX-listed stock rated "buy" on avg; mean PT is A$11.97, per LSEG-compiled data

** NXG trims YTD losses to 2.4%

 (Reporting by Nichiket Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com))