UPDATE: Bank Of America Downgrades Cameco Corporation On Lower 2015-17E Uranium Forecasts

In a report published Tuesday, Bank of America analyst Oscar Cabrera downgraded the rating on

from Buy to Neutral, and lowered the price target from $26.00 to $21.00. 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 C$23 [US$21]/share from C$29 [US$26], following our commodities team's downgrade of our 2015-17E uranium price forecast, due to slower than expected Japanese reactor restarts (in-line with our Japan utilities analyst) and unwavering supply.We continue to view CCO as the ‘go to' equity in the uranium industry, however the stock main near term catalyst, Japan nuclear reactor restarts continues be delayed due to lack of public support.Given limited upside on uranium spot/term prices near and medium term, we believe CCO share price will remain range bound.” Cameco Corporation (USA) closed on Monday at $18.66.