Cameco price target raised to $95 from $80 at BofA

BofA analyst Lawson Winder raised the firm’s price target on Cameco (CCJ) to C$130 from C$110 and keeps a Buy rating on the shares after Cameco announced a 3-4 million pound, or 8%-11%, reduction in its 2025 consolidated uranium production guidance due to underground mine development challenges at its McArthur River mine. The firm cut its 2025 earnings estimates on the news, but raised its multiple to account for what it sees as significantly improving future growth potential from Cameco’s 49% interest in Westinghouse Electric Company, “increasingly evident” discipline on U3O8 supply contracting, and the company’s incumbent position in what it views as “an increasingly tight U3O8 market.”