More Raised Targets Following its Investor Day event, Canaccord Genuity’s Katie Lachapelle raised her Cameco Corp. target to $72 from $67 with a “buy” rating, while Raymond James’ Brian MacArthur bumped his target to $71 from $69 with an “outperform” rating. The average is $69.77.
“CCO provides investors with lower-risk exposure to the uranium market given its diversification of sources,” said Mr. MacArthur. “These sources are supported by a portfolio of long-term contracts that provide some downside protection in periods of depressed spot uranium prices, while maintaining optionality to higher uranium prices. In addition, CCO has multiple operations curtailed that could be brought back should uranium prices increase. Although the 2021 tax court decision applies only to the 2003, 2005, and 2006 tax years, we view it as a positive for CCO given we believe it could be relevant in determining the outcome for other years and reduces risk related to the CRA dispute.”