Denison Mines (DML.TO) was rated Outperform with a C$6 price target in new coverage at RBC Capital Markets.
Analyst Andrew D. Wong initiated coverage of the Canadian uranium company, adding a speculative risk qualifier to the rating, and said its flagship Phoenix project "is set to become Canada's next uranium mine to enter production and an extensive presence in the infrastructure-rich Eastern Athabasca Basin."
"Phoenix has a potentially low-cost profile utilizing low-capex ISR mining, with construction underpinned by a strong balance sheet," Wong said in a note to clients. "We think Denison is well-positioned to benefit from a structural uranium deficit through the 2030s, with multiple projects in development through the next decade," the analyst said.
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