Scotiabank sees uranium market in deficit till 2030 as new supply delayed
Scotiabank forecasts uranium market to remain in a large structural deficit equal to 4.9% of annual demand until 2030
Brokerage says that although planned supply growth has potential to push market into modest oversupply starting in 2031, execution risks remain elevated
Adds that growing agendas of decarbonization, energy independence, and power security are expected to drive long-term growth in nuclear despite the uncertain build pace of new energy-intensive AI/data centers
"After reviewing our supply-demand outlook, we conclude that uranium market fundamentals remain positive despite weakness in spot prices" - Scotiabank
Brokerage cuts PT on the following firms:
Company | New PT | Old PT | Upside to stock's last close |
Cameco Corp CCO.TO | C$81 | C$85 | 23.6% |
Denison Mines Corp DML.TO | C$3.75 | C$4.75 | 72.8% |
Nexgen Energy NXE.TO | C$11.5 | C$12 | 55.6% |
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