Cameco upgraded to Buy from Hold at Cantor Fitzgerald

Cantor Fitzgerald upgraded Cameco to Buy from Hold with a price target of C$57, up from C$55. While Cameco has captured most new investment capital in the sector, fund flow “appears to be starting to move down-cap,” says the analyst in a uranium market update note. Spot uranium prices have effectively reached the firm’s previous target and “a plethora of factors are vectoring in on higher prices in the coming months/years,” says the analyst, who notes that the increase in its short-term and long-term uranium price forecasts drives target price revisions generally higher across its uranium coverage universe by “an average of 10%.”