Denison Target Price .50c -CSCredit Suisse - DML - Downgrade to Underperform on uranium price outlook Downgrade Denison to Underperform, TP to C$0.50: We value DML based on a 0.50x target multiple applied to our C$0.97/sh NAV. Our NAV is primarily based on a $2-$3/lb in-situ valuation for DML's development assets. We rate DML Underperform due to our view for a prolonged period of sub- $40/lb uranium prices (see our Cameco report), with our forecast 17-27% below consensus from 2017-2019. The value of DML's development portfolio is highly dependent on the longer term uranium price outlook and the need for new uranium mine supply. We currently forecast uranium market surpluses until 2028