UPDATE: Cantor Fitzgerald Initiates Ur-Energy at Buy as Transition Begins

In a report published Monday, Cantor Fitzgerald analyst Rob Chang initiated coverage on Ur-Energy URG with a Buy rating and $1.40 price target.

In the report, Cantor Fitzgerald noted, “Ur-Energy is poised to become the next U.S.-based uranium producer, with initial in-situ recovery (‘ISR') production expected later this summer. As it transitions from construction to production, we will expect to see an upward re-rating in the stock. We are initiating coverage on Ur-Energy with a BUY recommendation and a $1.40 per share target price. Our target price reflects a 1.0x multiple to our NAV10% valuation.”

Ur-Energy closed on Friday at $1.07.