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

Bank of America reiterated its Buy rating on Cameco

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.