Cameco Maintained at Outperform by RBC Capital Markets, National Bank of Canada

11:17 AM EDT, 08/29/2025 (MT Newswires) -- RBC Capital Markets and National Bank of Canada maintained their outperform ratings on the shares of Cameco (CCJ) after the uranium miner cut its 2025 production guidance.

The target price for the shares are $110.00 and $115.00 from RBC and National Bank, respectively.

The company on Thursday cut its uranium production guidance for the McArthur River operation due to several issues, including the slower-than-expected timing of ground freezing as the mine transitioned into two new mining areas.

RBC said the production shortfall was already expected as Cameco (CCJ) already flagged it in its second-quarter results.

RBC said it remains positive on Cameco (CCJ) given its significant exposure to positive structural growth in nuclear and a coming uranium market deficit, with top tier assets across the nuclear value chain.

Meanwhile, National Bank based the price target on a sum-of-the-parts analysis, with its uranium and fuel services segment value derived by the mean of 2.00x NAV and 18.0x NTM EV/EBITDA.

The bank also considered the equity value of Cameco's (CCJ) 49% interest in Westinghouse derived from a DCF8%.

"Cameco (CCJ) remains well-positioned to benefit from tightening supply dynamics and higher uranium prices, supported by its long-term contract portfolio and strong balance sheet," National Bank said.

Price: 105.75, Change: -2.39, Percent Change: -2.21

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