Cameco price target raised to C$106 from C$93 at BofA

BofA raised the firm’s price target on Cameco (CCJ) to C$106 from C$93 and keeps a Buy rating on the shares after Cameco last Friday night reported that its 49%-owned Westinghouse subsidiary will participate in the construction of two nuclear reactors at the Dukovany site in the Czech Republic. Separately, on June 8, Reuters reported that WEC is in talks with the U.S. administration and other industry partners to deploy about 10 large reactors in the U.S. in response to President Trump’s executive orders aimed at shortening licensing timelines and supporting the build-out of new reactors, the analyst added. The firm increased its 2025 EPS estimate to $2.09 from $1.67, increased its target EV/EBITDA multiples to account for potential upside from new reactor builds, and says it remains bullish uranium, Cameco’s primary product, as it sees multiple tailwinds.