Cameco (CCO.TO, CCJ) has kept its Outperform rating and C$87 price target, National Bank of Canada said in a Friday note.

Cameco's target price is based on a weighted multiple of 1.8 times Net Asset Value NAV (50%) and 18.0 times 2025 EV/EBITDA (50%).

Cameco announced Thursday that Westinghouse resolved its technology export dispute with Korea Hydro & Nuclear Power and Korea Electric Power.

According to the bank, the implementation of the settlement agreement that resolves the dispute establishes a framework for additional deployments to the mutual benefit of Westinghouse and the two Korean companies.

This should benefit the long-term growth assumption for Cameco's Westinghouse segment, which currently represents near 26% of our 2025 EBITDA and 9% of our NAV of $51.26 per share, National Bank said.

National Bank said it is looking forward to the Q4 2024 results and 2025 outlook in February on the Westinghouse Segment that will have reflected one full year of integrated results prior to updating current more conservative assumptions. Since the integration, CCO has noted that the segment has outperformed many of its acquisition assumptions.

Cameco's share price was up more than 3% at last look on the TSX.