UBS upgraded Cameco Corp. (TSE:CCO) to 'Buy' from 'Neutral'. It maintained its price target at C$166.00. The investment bank views the stock's recent decline as a buying opportunity. UBS noted the pullback stemmed from broader market sentiment, not a shift in the company's strong fundamentals.
Analysts at UBS highlighted the strengthening uranium market as a key upgrade factor. Long-term uranium contract prices reached record highs. Utility contracting accelerated. Government support for nuclear energy continued. Heightened geopolitical risks also underscore Cameco's strategic value as a leading global nuclear player.