Cameco Rated Outperform with $165 Fair Value as EBITDA Jumps 26%
William Blair initiated coverage with an Outperform rating and $165 fair value, citing a projected 40% rise in electricity demand by 2035. Cameco’s adjusted EBITDA rose 26% to CAD 1.93 billion in 2025, driven by 6% uranium segment growth and a 61% increase at Westinghouse.
1. Analyst Outperform Rating and Fair Value
William Blair initiated coverage on Cameco with an Outperform rating, assigning a $165 per share fair value. The rating underscores expectations for continued market leadership in uranium production and expanded position through its 49% stake in Westinghouse.
2. Electricity Demand Growth Prospects
Global peak electricity demand is projected to rise 40% by 2035, propelled by data center AI workloads and increased cooling needs. This secular trend is expected to bolster nuclear fuel requirements, directly benefiting uranium suppliers like Cameco.
3. Robust 2025 EBITDA Performance
Cameco’s adjusted EBITDA reached CAD 1.93 billion in 2025, a 26% year-over-year increase. The uranium segment delivered CAD 1.26 billion (+6%), while Westinghouse contributed CAD 780 million, up 61%, reflecting operational leverage across business lines.