Cameco (CCJ) Stock: Why The Price Increased Today

By Amit Chowdhry ● Mar 31, 2022
  • The stock price of Cameco Corporation (NYSE: CCJ) increased by over 1.3% pre-market today. This is why.

The stock price of Cameco Corporation (NYSE: CCJ) increased by over 1.3% pre-market today. Investors are responding positively to a bullish research report.

BMO Capital analyst Alexander Pearce upgraded Cameco from a “Market Perform” rating to an “Outperform.” And Pearce increased the price target from C$33 to C$42.

“In a sector with a limited number of listed producers, Cameco’s stock trades on sentiment more than most. Thus, with momentum for low carbon nuclear generation continuing to build and security of supply an increasingly important factor for utilities/ governments, we think Cameco’s advantageous geographical production base and its position as the largest and most liquid uranium stock means there should be further upside to its stock price,” wrote Pearce in a research note. “Reflecting this, we are upgrading Cameco to Outperform and increasing our target price to C$42.”

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.