Cameco

CCJ · NYSE

$78.60−$0.33 (−0.42%)TodayMarket closed · Oct 23, 7:56 PM ET

Prev close $78.93

CCJ analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform0
Sell0

12-month price target · 16 analysts

Average $125.34 (+59.5% upside)

Low: $81.53
Now: $78.60
High: $183.75

Upgrades and downgrades

The latest rating actions, newest first

CCJ analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 22, 2026	Maintains	Buy	$130.00 → $125.00	25%
Barclays	Oct 19, 2026	Maintains	Equal-Weight	$97.00 → $95.00	59%
Truist Securities	Aug 12, 2026	Maintains	Buy	$129.00 → $130.00	25%
Barclays	Aug 4, 2026	Maintains	Equal-Weight	$104.00 → $97.00	59%
Barclays	Jul 16, 2026	Maintains	Equal-Weight	$108.00 → $104.00	59%
Truist Securities	Jul 14, 2026	Initiates	Buy	$129.00	25%
B of A Securities	Jul 9, 2026	Maintains	Buy	$143.00 → $140.00	61%
RBC Capital	Jun 29, 2026	Maintains	Outperform	$160.00 → $175.00	36%
Barclays	May 22, 2026	Initiates	Equal-Weight	$108.00	59%
William Blair	Apr 20, 2026	Initiates	Outperform	—	63%

The case for and against

Updated Oct 23, 2026

Bull case

Cameco is well positioned to benefit from a tightening uranium market, with management citing strong sovereign and utility demand, contracting at materially higher prices, and realized uranium guidance lifted to CAD$91-96/lb alongside 2026 revenue guidance of CAD$3.32-3.57B. Its outlook is further strengthened by vertical integration through Fuel Services and Westinghouse, whose incremental AP-1000 deployment optionality and exposure to fleet services, new builds, and maintenance support materially improve earnings durability and growth. Operationally, resumed production at McArthur River and Key Lake, plus disciplined sustainability execution through a 30% Scope 1 and 2 emissions reduction target by 2030 and strong Indigenous employment, reinforce a high-quality, strategic business model.

Bear case

Cameco is exposed to a weak fundamental setup because its earnings are highly sensitive to uranium pricing, contract realization, and shifting nuclear supply-demand dynamics, while execution risk at assets such as McArthur River and potential flooding or other production disruptions could impair output. The company also faces meaningful regulatory and permitting uncertainty, possible contract cancellations, and a negative outcome in the ongoing CRA transfer pricing dispute, any of which could pressure cash flow and investor confidence. Although Westinghouse is a major revenue driver, the thesis assumes softer nuclear sector growth, weaker-than-expected uranium prices, lower growth in nuclear services and new builds, and a reduced long-term price forecast of $75/lb, making valuation multiple compression a clear risk.

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