Cameco price target raised to $130 from $95 at BofA

BofA raised the firm’s price target on Cameco (CCJ) to $130 from $95 and keeps a Buy rating on the shares after the company and JV partner Brookfield Asset Management (BAM) announced a binding agreement with the U.S. Department of Commerce to establish a strategic partnership to accelerate the deployment of nuclear power. The investment in new reactors is to have an aggregate value of at least $80B, notes the analyst, who raised the firm’s net asset value estimate by 4% to C$64 per share and applies a higher multiple to recognize significantly improving future growth from Cameco’s 49% interest in Westinghouse Electric Company.