RBC Capital Markets raised its price target on Cameco Corp. (CCO.TO, CCJ) to $90 from $75 on Thursday.
Analyst Andrew D. Wong maintained an Outperform rating on shares of the Canadian uranium company.
"We remain positive on Cameco given strong nuclear energy tailwinds, a tight uranium market that should support higher prices, and top tier assets across the nuclear industry in mining, fuel fabrication, nuclear servicing, and reactor technology," Wong said in a note to clients.
"We think Cameco's pole position within a growing nuclear industry with potential upside justifies the company's premium valuation," the analyst said.
"We maintain our Outperform rating and raise our price target... due to higher forecasted uranium prices, increased production, and strong nuclear growth prospects."
(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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