Cameco Downgraded to Market Perform at BMO on Share Price Appreciation
09:32 AM EDT, 05/10/2021 (MT Newswires) -- Dual-listed Cameco Corp. (CCO.TO, CCJ) was downgraded to Market Perform from Outperform at BMO Capital Markets on Monday.
Analyst Alexander Pearce maintained a $23 price target on the Canadian uranium producer.
Pearce said the downgrade is due to Cameco's strong share price move following its quarterly results.
"Cameco remains a 'go-to' stock for many investors looking for uranium exposure due to its size and liquidity," the analyst said in a note to clients.
"Looking ahead, ongoing improving sentiment could see further upside, particularly if Cameco successfully delivers on further long-term contracts, which could drive trading multiples through its historical range, however, at this point we believe the stock is fairly priced," Pearce said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 24.13, Change: -0.31, Percent Change: -1.27