Paladin Energy (PDN.TO) was upgraded to Outperform from Sector Perform at RBC Capital Markets.
Analyst Alistair Rankin raised his price target on shares of the Western Australia-based uranium company to A$13.50 from A$11.00.
"Patterson Lake South (PLS) is shaping up to be one of the most significant uranium developments globally, and we have lifted our valuation driven by both its probability of development and its ultimate scale," Rankin said in a note to clients.
Rankin said he increased his valuation for PLS as a result of three compounding changes: "removal of our 75% risk weight, an increase in our long-term uranium price assumption to US$110/lb, and the addition of A$1.7 Billion in resource upside potential reflecting what we view as highly probable further discoveries."