UPDATE: Bank of America Downgrades Cameco Corporation to Neutral, Lowers PT on Lower Uranium Forecast

In a report published Friday, Bank of America analyst Oscar Cabrera downgraded the rating on Cameco Corporation CCJ from Buy to Neutral, and lowered the price target from $25.00 to $22.00. In the report, Bank of America noted, “We are downgrading Cameco (CCO) to a Neutral from Buy rating, and lowering our price objective (PO) to $22/share from $25, following our commodities team downgrade of our 2013-15 uranium price forecast due to slower than expected Japanese reactor restarts after the country's nuclear accident at Fukushima in March 2011. We continue to view CCO as the ‘go to' equity in the uranium industry, however we expect CCO's main driver, uranium spot prices, to have limited upside until Japan commences its nuclear reactor restarts mid-2014.” Cameco Corporation closed on Thursday at $18.57.