Cameco initiated with an Outperform at William Blair

William Blair initiated coverage of Cameco (CCJ) with an Outperform rating with a fair value estimate of $165 per share. The company offers investors exposure to the full value chain from mining uranium ore to the reactor core, the analyst tells investors in a research note. Blair says Cameco is the second-largest uranium producer. It believes the company’s 49% ownership of Westinghouse Electric Company offers upside from each new reactor plus a “demand flywheel for more nuclear fuel products.”