) shares climbed on Friday, pushing the Canadian uranium producer's stock closer to a fresh all-time high amid a rally for nuclear fuel prices.
"Cameco is likely to trade at the high end of historical ranges," Eight Capital analyst Ralph Profiti wrote in a recent note to clients, in which he boosted his target price from $52 per share to $60. According to CME Group, UxC Uranium U3O8 Futures for September 2023 are priced at US$66.25 per pound. In 2007, spot prices peaked near US$140.in recent years, with governments from Japan to Germany revising plans to phase out nuclear power. The World Nuclear Association says demand from reactors is expected to climb 28 per cent by 2030, and double by 2040.
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