Market Overview

UPDATE: Bank of America Lowers PO to $23 on Cameco on Lower Growth

Share:
Related CCJ
Best & Worst ETFs Of The Week Amid Tech Fueled Breakout
Cameco Upgraded To Buy At BofA, Cites 'Limited Downside In Bad Macro'
This Uranium Mining Company Has Strong Prospects (GuruFocus)

Bank of America reiterated its Buy rating on Cameco (NYSE: CCJ) but lowered its price objective from $24 to $23.

Bank of America commented, "We lowered our Cameco Corp. (CCO) price objective (PO) C$1/share to C$23, following very weak 3Q12 operating results (low uranium sales). However, we maintained a Buy rating on CCO as near term uncertainty on uranium demand is outweighed by improved fundamentals medium term (12 mos). The lower PO was driven by 5% and 1% lower 2013 EBITDA and EPS (on higher cash costs, offset by lower effective tax rate), plus a lower NAV as we incorporate McArthur River and Key Lake increased capex (offset by higher production, lower cash costs)."

Cameco closed at $18.56 on Friday.

Latest Ratings for CCJ

DateFirmActionFromTo
Apr 2015Raymond JamesUpgradesMarket PerformOutperform
Apr 2015Bank of AmericaUpgradesNeutralBuy
Apr 2015Canaccord GenuityUpgradesHoldBuy

View More Analyst Ratings for CCJ
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (CCJ)

Around the Web, We're Loving...