Roth MKM analyst Joe Reagor raised the firm’s price target on Uranium Energy (UEC) to $9.50 from $9 and keeps a Buy rating on the shares. The firm cites the company’s announcement that it is acquiring Rio Tinto’s (RIO) Wyoming uranium assets, which is an “ideal bolt-on” deal, the analyst tells investors in a research note. Given the current resource base is historical, there is potential for Uranium Energy to generate shareholder value by converting these resources to a SK-1300 compliant resource, the firm added.
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