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Bullboard - Stock Discussion Forum Cameco Ord Shs T.CCO

Alternate Symbol(s):  CCJ

Cameco Corporation is engaged in providing uranium fuel to generate clean, reliable baseload electricity around the globe. The Company also offers nuclear fuel processing services, refinery services and manufactures fuel assemblies and reactor components. Its segments include uranium, fuel services and Westinghouse. The uranium segment is involved in the exploration for, mining, milling... see more

TSX:CCO - Post Discussion

Cameco Ord Shs > Scotiabank
View:
Post by retiredcf on Jan 15, 2024 8:45am

Scotiabank

Scotiabank mining analyst Orest Wowkodaw is bullish on copper and uranium stocks,

“Heightened macroeconomic concerns from elevated interest rates, high energy prices, a strong U.S. dollar, and a sputtering China, continue to stoke global recession fears. Although we remain concerned with near-term consumption risks, particularly in China, several commodity markets, including Cu [copper], U3O8 [uranium], and Fe [iron] , appear surprisingly tight in 2024, driven by ongoing supply[1]side underperformance and remarkably resilient demand. Moreover, with visible inventories for some metals already at critically low levels (Cu at only ~3 days), we anticipate a relatively attractive pricing environment this year, despite economic uncertainty. In the medium to long term, we anticipate the emergence of a new commodities super cycle for several metals (notably Cu), driven by growing demand from global decarbonization efforts to address climate change … We are concerned with near-term over-supply risks in Zn and Ni… We recommend 12 of 25 equities under our combined coverage. TECK.B-T [Teck Resources] and CCO-T [Cameco] remain our top picks; we also highly recommend CS-T [Capstone Mining] and FCX-N [Freeport McMoran] for Cu exposure. We also prefer ECOR-L [Ecora Resources PLC] , HBM-T [Hudbay Minerals] , and IVN-T [Ivanhoe Mines Ltd.]

Comment by retiredcf on Jan 15, 2024 8:58am
He also has a “sector outperform” recommendation for Cameco “based on improving fundamentals driven by the dual Western World agendas of decarbonization and energy independence.” He reiterated a $70 target, which falls 23 cents under the average.
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