Cameco Corporation (CCO:TSX)
National Bank has reiterated its “Outperform” rating on Cameco while raising its price target to $115.00 from $110.00 as of August 22, 2025. The upward revision reflects National Bank’s increased confidence in Cameco’s earnings power and strategic positioning as a leading global uranium producer.
Analysts noted that Cameco is benefitting from a structural shift in nuclear energy demand, with governments worldwide accelerating investment in nuclear power as part of clean energy transition plans. This trend has tightened the global uranium market, pushing spot and long-term contract prices higher, directly strengthening Cameco’s revenue outlook.
The analysis also highlighted Cameco’s strong contract portfolio, which provides long-term revenue visibility while allowing the company to capture upside from rising uranium prices. In addition, the company’s strategic partnership with Brookfield in acquiring Westinghouse Electric enhances its vertical integration and expands its role across the nuclear fuel cycle, adding further growth potential.
The raised $115.00 target underscores National Bank’s view that Cameco remains in a strong position to capitalize on secular growth in nuclear power, disciplined supply management in the uranium market, and its reputation as a reliable supplier to utilities worldwide. While uranium prices remain volatile, Cameco’s low-cost assets and balanced contract strategy provide resilience, supporting the firm’s bullish stance.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
The partnership with Brookfield really strengthens Cameco’s position in the nuclear space. With rising uranium prices and increasing global demand for clean energy, they’re definitely in a strong spot for future growth.