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GLJ Research Says Cameco Corp. Could Be the Next Momentum Play

Stock Markets Aug 17, 2022 12:06
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By Sam Boughedda

A GLJ research analyst said in a note to clients on Wednesday that Cameco Corp. (NYSE:CCJ) could be the next Tesla (NASDAQ:TSLA) momo (momentum) play.

The analyst, who has a buy rating on the stock, raised the firm's price target to a "street high" of C$48.40 from C$37.86. He told investors that they believe the consensus is overlooking a "budding" uranium sector catalyst with European and US nuclear utilities pivoting away from Russian enriched uranium.

GLJ believes that when the cold weather sets in, the spike in home-heating costs in both the US and Europe will worsen, "in many instances to unaffordable levels for those living under the poverty line."

"In fact, with energy prices likely rising to restrictive levels for numerous rate payers in both the US and Europe this winter - putting human lives at risk (i.e., those who chose to go without heat) - we believe the push back against the antinuclear crowd will grow among voters, and potentially significantly so," said the analyst. "Thus, while politicians continue to tout the perceived benefits of solar/wind, as voters begin to revolt this winter, we believe support for nuclear will surge, likely shifting some of the ESG money invested in companies like Sunrun (RUN; SELL) and Sunnova (NOVA; NC) to companies like Cameco and NexGen Energy."

GLJ Research Says Cameco Corp. Could Be the Next Momentum Play
 

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