Cameco price target raised to C$56 from C$49.50 at Canaccord

Canaccord analyst Katie Lachapelle raised the firm’s price target on Cameco to C$56 from C$49.50 and keeps a Buy rating on the shares. The firm raised its target despite lower production guidance which reflects a higher near-term outlook for prices due to recent spot/term price moves, and an increase in our P/NAV multiple to reflect our positive fundamental outlook for the uranium sector and prices.