Time To Buy Energy Fuels, H.C. Wainwright Says

In a report published Monday, H.C. Wainwright analyst Heiko F. Ihle assumed coverage of Energy Fuels Inc Ordinary Shares (Canada) (NYSE: UUUU) with a Buy rating and a price target of $6.30, after the completion of the acquisition of Uranerz Energy Corp (NYSE: URZ).The acquisition, which closed on June 19, offers Energy Fuels ISR mines as well as conventional uranium operations. Energy Fuels' resource base has now grown to a combined 96.8 million pounds of uranium in the Measured & Indicated category as well as 37.8 million pounds in the Inferred category.In the report H.C. Wainwright noted, "Given that Energy Fuels' producing projects are located in Arizona, Utah, and Colorado, we do not expect there to be significant operational synergies with the Uranerz projects in Wyoming. However, we do believe combined corporate overhead should be a positive for Energy Fuels going forward.""We believe the firm's significant inventory of 816,000 pounds of uranium should aid in fulfilling long-term contractual obligations while the White Mesa Mill is on care and maintenance, in addition to allowing the firm to take advantage of any increase in the uranium spot market," analyst Heiko Ihle wrote, while adding that, given a substantial resource base, Energy Fuels is well positioned to ramp up production as the uranium market recovers.