Jefferies begins covering Australia's Paladin with 'buy'; PT at premium

Analysts at Jefferies initiate coverage on Australia's Paladin Energy PDN.AX at "buy" rating and give price target of A$9

PT reflects a 39% premium to stock's last close of A$6.46

Brokerage is positive on co's Patterson lake south project and expects further updates on the project throughout 2025

Says ground freezing is a well established mining practice in the northern hemisphere and brokerage examines planned implementation of the practice at the project

Jefferies values the project at around A$1.47 bln ($926.54 mln)

We continue to see Paladin as offering the quality ASX exposure to the uranium market - Jefferies

Nine of 10 analysts rate the stock "buy" or higher and one "hold"; their median PT is A$11 – LSEG data

Stock down 14.6% YTD

($1 = 1.5865 Australian dollars)