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UPDATE: JP Morgan Downgrades Cameco to Neutral on Uranium Pricing Outlook

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JP Morgan reduced its rating on Cameco (NYSE: CCJ) from Overweight to Neutral.

JP Morgan noted, "We are downgrading CCO to Neutral from Overweight and lowering our estimates and price target (to C$22 from C$24) to reflect our reduced uranium price forecasts and belief that uranium prices will likely remain below US$50/lb for roughly the next year. … While we don't see much further downside to either the uranium spot price or CCO's stock price, we are going to Neutral on the stock as we think it will largely trade sideways until uranium prices start to materially increase, which we don't expect to happen until 2014."

Cameco closed at $17.95 on Wednesday.

Latest Ratings for CCJ

DateFirmActionFromTo
Jan 2017Bank of AmericaUpgradesUnderperformNeutral
Jul 2016Bank of AmericaDowngradesBuyNeutral
Apr 2016ScotiabankDowngradesOutperformSector Perform

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Posted-In: JP MorganAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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