Yellow Cake initiated with a Buy at Citi

Citi initiated coverage of Yellow Cake (YLLXF) with a Buy rating and 750 GBp price target The firm believes Yellow Cake is a “unique vehicle” to gain exposure to physical uranium, noting that its low operating costs and volume growth are “two key attractions.” However, Citi added that it prefers uranium exposure through its Buy rated pure-play upstream miner Kazatomprom (NATKY).