National Bank Financial on Friday maintained its outperform rating on the shares of Cameco (CCO.TO, CCJ) while raising its price target to C$87.00 from C$85.00 following third-quarter results from the uranium miner.

"As we look into 2025, we expect continued strong performance from the uranium and fuel services segment, as well as continued growth from Westinghouse. We reiterate our Outperform rating and increase our price target to $87.00 from $85.00. Our uranium production increases slightly in 2024E and 2025E driven by McArthur River/Key Lake, while our average unit cost of sales increases on the back of modelling higher committed and market purchases, as well as D&A. Our fuel services segment production and sales remain largely unchanged, while our cost of sales increase slightly to reflect the cost profile of Q3/24. At Westinghouse, our estimates were updated to reflect tailwinds from the Canadian dollar," analyst Mohamed Sidibe wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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