Market Overview

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

Share:
Related CCJ
Tuesday's After-Hours Movers: Ocwen Up, Tesla Down
Best And Worst ETFs Of The Week Amid Retail Surge
Will Cliffs Natural (CLF) Surprise This Earnings Season? - Analyst Blog (Zacks)

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
Oct 2014Salman PartnersUpgradesHoldBuy
Oct 2014DundeeUpgradesNeutralBuy
Sep 2014Bank of AmericaDowngradesBuyNeutral

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...

Get Benzinga's Newsletters