Scotiabank Forecasts Strong Price Appreciation for Cameco (TSE:CCO) Stock

Cameco (TSE:CCO) (NYSE:CCJ) had its price objective lifted by research analysts at Scotiabank from C$130.00 to C$150.00 in a research report issued on Wednesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 2.40% from the stock’s current price.

CCO has been the topic of a number of other research reports. Canaccord Genuity Group raised their price target on Cameco from C$92.00 to C$115.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. National Bankshares increased their price target on shares of Cameco from C$130.00 to C$140.00 and gave the company an “outperform” rating in a research report on Wednesday. Raymond James Financial lifted their price objective on Cameco from C$130.00 to C$150.00 and gave the stock an “outperform” rating in a research report on Wednesday. BMO Capital Markets upped their target price on Cameco from C$110.00 to C$120.00 in a report on Friday, August 29th. Finally, President Capital upgraded shares of Cameco from a “neutral” rating to a “buy” rating and set a C$126.92 price target for the company in a research note on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$129.99.

Cameco Stock Performance

Shares of CCO opened at C$146.49 on Wednesday. Cameco has a 52-week low of C$49.75 and a 52-week high of C$153.59. The stock has a market capitalization of C$63.78 billion, a price-to-earnings ratio of 120.07, a price-to-earnings-growth ratio of 2.22 and a beta of 1.12. The company has a debt-to-equity ratio of 20.35, a quick ratio of 3.74 and a current ratio of 2.88. The stock’s 50-day simple moving average is C$117.11 and its 200 day simple moving average is C$97.89.

About Cameco

Cameco is one of the world’s largest uranium producers. When operating at normal production, the flagship McArthur River mine in Saskatchewan accounts for roughly 50% of output in normal market conditions. Amid years of uranium price weakness, the company has reduced production, instead purchasing from the spot market to meet contracted deliveries.