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Research

Cameco Maintained at Buy at Stifel Canada Following TEPCO Cigar Lake Stake Buy; Price Target Kept at C$180

Stifel Canada on Tuesday maintained its buy rating on the shares of uranium producer Cameco (CCO.TO, CCJ) and its C$180.00 price target after the company and partner Orano acquired TEPCO's minority stake in the Cigar Lake operations in norther Saskatchewan."A good deal for Cameco. Cameco (with Orano) has agreed to acquire TEPCO's 5% participating interest in the Cigar Lake JV, lifting Cameco's ownership by 2.871% to 57.418% (Orano goes to 42.582%) for $115.75Mln (Cameco's share). Closing is expected in Q3/26 - subject to regulatory approval and customary conditions. The acquisition price implies a discounted 'clean-up' transaction of a Tier-One asset. The $115.75Mln paid for Cameco's incremental 2.871% implies a $4.03Bln Cigar Lake valuation (100% basis) vs. our NPV8% of $8.91Bln NPV (based on an LT uranium price assumption of $120/lb) and a transaction multiple of just 0.45x P/NPV. We estimate the deal is +0.5% accretive to our NAVPS and +3.3% accretive to FY27 EPS, while adding ~0.5Mln lbs/yr of attributable uranium production and ~5Mln lbs of attributable proven and probable uranium reserves at an in-situ acquisition price of US$17/lb," analyst Ralph Profiti noted.(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..com/contact-us)Price: $167.01, Change: $+11.17, Percent Change: +7.17%

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Mining & Metals

National Bank "Modestly" Positive on Cameco's Increased Stake in Cigar Lake

Cameco (CCO.TO, CCJ) and Orano Canada are buying Tepco's 5% participating interest in the Cigar Lake joint venture.National Bank analyst Mohamed Sidibe, who has an $180.00 price target and outperform rating on the shares of the company, views the transaction as "modestly" positive. Cameco's purchase price of $115.75 million implies a 100% Cigar Lake value of $4.03 billion, compared with Sidibe's implied value of $5.0 billion."Based on Cigar Lake's 2026 production outlook of 17.5-18.0 mln lbs U3O8 on a 100% basis, the incremental 2.871 percentage-point interest equates to ~0.5 mln lbs of additional annual attributable production. This should further reduce reliance on purchases, inventories and product loans to meet contract commitments," he writes.Cameco's ownership in the Cigar Lake venture upon closing will increase to 57.42%, while Orano's will edge up to 42.58%.Price: $155.68, Change: $+0.77, Percent Change: +0.50%

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Mining & Metals

CIBC Maintains Cameco's Outperformer Rating and C$200.00 Price Target

CIBC Capital Markets maintained its outperformer rating on the shares of Cameco (CCO.TO, CCJ) and its C$200 price target.CIBC, after incorporating Q1/26 results and "fine-tuning" its estimates, maintained its price target and rating."Overall, our NAVPS decreases slightly to $89.82 from $90.38, largely reflecting the rollover of our DCF by one quarter, while our annualized FY26E-FY30E EBITDA estimate increases slightly to $3,073M from $3,041M," said CIBC.CIBC noted, the Key Lake mill and McArthur River mine have resumed full production after a temporary halt caused by supply disruptions from flooding in northern Saskatchewan. The company is now consistently supplying materials via secondary routes while the timing to restore access on the primary supply route is still being determined, CIBC noted."The company's 2026 consolidated production outlook remains unchanged at 19.5-21.5Mlb of U3O8 (CCO's share); however, CCO expects that future road conditions could remain at risk due to seasonal spring thaw and precipitation events," added CIBC. "Additionally, with Q1/26 results, CCO maintained its fuel services production guidance of 13.0-14.0M kgU, with consolidated total capital expenditures of $490-$540M, in addition to all other metrics."CIBC now models 2026 EBITDA for Westinghouse at $682M vs. its prior estimate of $647M, it added.Price: $154.62, Change: $+1.96, Percent Change: +1.28%

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Wire

Cameco Shares Rise After Key Lake Mill, McArthur River Mine Return to Full Production

Cameco (CCJ) shares rose 3.4% on Thursday after the company said that it reaffirmed its 2026 production guidance and that the Key Lake mill and McArthur River mine have resumed full uranium production activities following a disruption due to flooding in Saskatchewan.The timing to restore access to the primary supply route is being confirmed, but the company has been able to deliver the required volume of critical materials via the secondary route, the company said.Risks of thawing and precipitation could lead to further road restrictions, resulting in delays in future deliveries, according to the company.Price: $110.64, Change: $+3.20, Percent Change: +2.98%

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Wire

NextEra, Dominion Merger Reinforces Power Infrastructure Supercycle Thesis, Wedbush Says

NextEra Energy (NEE) and Dominion Energy's (D) merger shows that the "AI-driven power demand supercycle is not a cyclical trade but a decades-long infrastructure build," Wedbush said in a note Monday.In the grid infrastructure and data center space, Quanta Services (PWR) and Willdan (WLDN) will be direct beneficiaries of the deal, Wedbush said, adding that a combined NextEra and Dominion spanning Florida, Virginia, North Carolina, and South Carolina will need a "sustained acceleration in transmission, substation, and distribution buildout."In the equipment and power management sector, Vertiv (VRT) and Eaton (ETN) are poised to benefit from scale procurement, the note said, adding the combined company's emphasis on "supply chain scale and procurement efficiency points directly to accelerating orders for thermal management, power conversion, and switchgear."In the power generation and fuel supply space, Constellation Energy (CEG), Vistra (VST), and Talen Energy (TLN) will likely also benefit from "demand confirmation," Wedbush said, adding the deal's "explicit framing of surging large-load demand" will support independent power producers serving the same Mid-Atlantic and Southeast regions.Meanwhile, for the materials and enabling technologies sector, the "nuclear infrastructure thesis" will likely be boosted, Wedbush said, as the combined company's position as the second largest in US nuclear generation will back the "long-term investment case for the nuclear supply chain."Cameco (CCJ), BWX Technologies (BWXT), and NuScale Power (SMR) are the companies most directly linked to nuclear fuel, services, and reactor deployment, the note said.Price: $88.37, Change: $-5.00, Percent Change: -5.35%

$BWXT$CCJ$CEG$D$ETN$NEE$PWR$SMR$TLN$VRT$VST$WLDN
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Monday as Trump Rejects Reported Iran Proposal

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.03% higher in Monday's premarket activity as US President Donald Trump rejected Iran's reported resolution offer.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.03% before the start of regular trading.The existing home sales data for April will be released at 10 am ET.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% higher, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 2.8%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.5% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 2.6%, while the iShares Semiconductor ETF (SOXX) rose by 0.9%.Monday.com (MNDY) shares were up more than 24% in premarket activity after the company reported higher Q1 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) retreated by 0.2%, while the iShares US Healthcare ETF (IYH) slipped 0.7%. The iShares Biotechnology ETF (IBB) was flat.Moderna (MRNA) stock rose over 9% premarket after Bloomberg reported the company has been working on early-stage vaccines targeting hantaviruses.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.01%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.01%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.ORIX (IX) shares were up more than 8% pre-bell after the company reported higher fiscal 2026 earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.04%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was down 0.4%, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.3%.United Parks & Resorts (PRKS) shares were down more than 3% pre-bell after the company reported a wider Q1 loss and lower revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.Grupo Aeroportuario del Pacifico (PAC) stock was down more than 1% before the opening bell. The company said it had started the process for the potential establishment of a trust for the issuance of energy and infrastructure investment trust certificates, with a view to subscribing to a minority equity stake in the 12 Mexican airport concessionaires that Grupo Aeroportuario operates.EnergyThe iShares US Energy ETF (IYE) rose 1.8%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.3%.Cameco (CCJ) stock was down more than 1% before Monday's opening bell after the company said that flooding in northern Saskatchewan collapsed the Smoothstone River Bridge, disrupting a key supply route to its McArthur River mine and Key Lake mill.CommoditiesFront-month US West Texas Intermediate crude oil rose 2.6% to $97.91 per barrel on the New York Mercantile Exchange. Natural gas was up 2.5% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced 3.9%, while the United States Natural Gas Fund (UNG) was 3.3% higher.Gold futures for May fell by 1% to $4,683.40 an ounce on the Comex. Silver futures advanced by 1.2% to $81.81 an ounce. SPDR Gold Shares (GLD) was 1.1% lower, and the iShares Silver Trust (SLV) rose by 0.6%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CCJ$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IX$IYE$IYH$IYJ$IYK$IYW$MNDY$MRNA$PAC$PMR$PRKS$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Research

Cameco Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$180

Stifel Canada on Wednesday maintained its buy rating on the shares of Cameco (CCO.TO, CCJ) and its C$180.00 price target following the company's first-quarter results."Cameco reported Q1/26 adjusted EPS of $0.47 vs. our $0.27 estimate (consensus: $0.34), adjusted EBITDA of $509Mln vs. our $405Mln forecast (consensus: $440Mln) on uranium sales of 7.8Mln lbs vs. our 7.9Mln lbs expectation, and adjusted attributable Westinghouse EBITDA of $122Mln vs. our $167Mln, reflecting normal variability in timing of work completion in its core business and compares with the FY26 guidance of US$370M-$430Mln (23% of midpoint). Overall, we are positive on the beat, and Q1/26 operating results look consistent with FY26 expectations with guidance maintained and the new three-year McArthur River/Key Lake collective bargaining agreement (CBA) removes a significant labor disruption risk to our estimates. Q1/26 average unit cost of sales of $58.13/lb (-18.5% QoQ) vs our $66.20/lb estimate reflects 0.750Mln lbs of product loan facilities used to meet delivery requirements (+$0.13 impact)," analyst Ralph Profiti wrote.(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..com/contact-us)Price: $164.73, Change: $+8.49, Percent Change: +5.43%

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Research

William Blair Initiates Cameco at Outperform

Cameco (CCJ) has an average rating of overweight and mean price target of $129.56, according to analysts polled by FactSet.(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..com/contact-us)

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