Cameco downgraded to Hold from Buy at Cantor Fitzgerald

Cantor Fitzgerald analyst Mike Kozak downgraded Cameco to Hold from Buy with a price target of $48.50, up from $48, after Cameco hosted its 2023 virtual investor day. Shares traded down as much as 4.4% intraday, which the firm views as likely due to investor positioning that was “expecting something more directionally and definitively bullish going into the investor day,” while the updates provided by senior management were in-line with expectations. With shares having risen 99% year-to-date, the firm now sees a modest return to its price target, prompting the downgrade.