National Bank of Canada on Tuesday lowered Ur-Energy's (URE.TO) price target to US$16 from $17 with an outperform rating.
National Bank updated its model to reflect Ur-Energy's weaker-than-expected operating results in the third quarter of fiscal 2026.
The bank reduced its near-term production estimates for Ur-Energy across the Wyoming hub to reflect the production rates to date and the development progress of header houses required to enable an increase in production.
National Bank also applied a more conservative ramp at Ur-Energy's Texas hub.
The company's total net asset value fell 5% to $9.95 per share from $10.47 per share, driven by the lower volume, higher costs, and our slight reduction in the in-situ value attributed to the U.S. assets to reflect higher costs, according to the bank.
Ur-Energy traded at $2.18 per share at last look Wednesday on the Toronto Stock Exchange.