Elsewhere, others making target changes include:
* Raymond James’ Brian MacArthur to $69 from $66 with an “outperform” rating.
“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.”
* Canaccord Genuity’s Katie Lachapelle to $65 from $60 with a “buy” rating.
“Despite a weak quarter, we remain fundamentally bullish on Cameco and the outlook for nuclear power and uranium prices. After mark-to-marking our model for FX and higher prices, our NAVPS and ntm [next 12-month] EBITDA as at October 1, 2024 have increased 8 per cent and 9 per cent, respectively,” she said.