UPDATE: Dahlman Rose Reiterates Buy Rating, Lowers PT on Uranium Energy Corp.

In a report published Friday, Dahlman Rose & Co. reiterated its Buy rating on Uranium Energy Corp.

, but lowered its price target from $3.25 to $2.85. Dahlman Rose noted, “UEC provided its F1Q13 update earlier this week. The recent receipt of regulatory approvals for production at Goliad and PA-3 at Palangana allows for significant future growth. We've lowered our price target to account for our reduced uranium price estimate in 2013, but reiterate our Buy rating...Owing to our lower uranium price estimate and decreased working capital, we are adjusting our 12-month price target from $3.25 to $2.85. We previously reduced our CY2013 uranium price estimate to $52/lb. In our view, the removal of the permitting overhang, a strong production growth profile and the expectation of a recovery in U3O8 in 2013 should lead to share appreciation, thus we reiterate our Buy rating. UEC maintains a strong liquidity position with working capital of $16.2MM and no debt.” Uranium Energy Corp. closed on Thursday at $2.29.