Cameco's Outperform Rating, C$180 Price Target Maintained by National Bank of Canada

11:33 AM EDT, 05/28/2026 (MT Newswires) -- National Bank of Canada on Thursday reiterated its outperform rating on the shares of Cameco (CCJ) and and its C$180 price target after the company resumed much of its its northern Saskatchewan uranium operations.

Cameco (CCJ) resumed full production at the McArthur River mine and Key Lake mill in Saskatchewan after a flooding-related logistics disruption announced on May 11. Its Cigar Lake mine was unaffected.

While operations were not directly impacted by floodwaters, the Smoothstone River Bridge located on its primary supply route partially collapsed, and restrictions on an alternate route interrupted deliveries of critical operating materials.

The company is now able to move enough critical materials through a secondary route to support full operations, although the timing to restore the primary route remains uncertain and further spring thaw or precipitation could cause new restrictions.

Cameco's (CCJ) consolidated 2026 production guidance remained unchanged at 19.5 million-21.5 million pounds of uranium.

"Overall, we view this update as positive with the guidance reiterated, and less stress put on Cameco's (CCJ) use of inventories, purchases, and product loans," National Bank said.

Price: 151.19, Change: +2.49, Percent Change: +1.67

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.