Raymond James Lifts Cameco Price Target 10% to C$165 on Strong Uranium Outlook
Raymond James raised its price target on Cameco to C$165 from C$150 on January 15, maintaining an Outperform rating driven by a stronger uranium price outlook. Uranium spot price reached US$81.55 by end-2025 (+10% year-on-year) as Cameco sold 33.6 million pounds in 2024 and gears up for a potential US$2.8 billion Canada-India supply agreement.
1. Analyst Price Target Hike
On January 15, Raymond James increased its price target on Cameco to C$165 from C$150 while retaining an Outperform rating, citing an upgraded uranium price forecast as the primary catalyst.
2. Uranium Market Tightness
Global nuclear generation growth has tightened uranium supply, pushing the spot price to US$81.55 by the end of 2025, a gain of over 10% year-on-year.
3. Strategic Supply Agreement Prospects
Negotiations between Canada and India on a 10-year uranium supply deal worth US$2.8 billion position Cameco for long-term offtake commitments to India’s expanding nuclear fleet.
4. Other Analyst Updates
Earlier, on January 7, Bernstein raised its Cameco price target to US$101 from US$100 and reiterated an Outperform rating, also driven by a higher uranium price deck.