Cameco rises as Scotiabank, BMO Capital raise PT

Scotiabank and BMO Capital Markets raise price target for Canadian uranium supplier Cameco CCO.TO to C$93 and C$95, from C$88 and C$85, respectively

U.S.-listed shares of Cameco CCJ.N rise 6.6% to $64.42 premarket

CCJ expects $170 million core profit contribution in Q2 related to its 49% share of nuclear power plant equipment maker Westinghouse Electric

Scotiabank notes that intellectual property proceeds are essentially all profit to Westinghouse Electric, and will be taken into consideration in determining the 2025 dividend payable to the partners

"With the pipeline for new reactor builds looking more positive for Westinghouse as well as the potential for additional upside from Korea Hydro and Nuclear Power builds, momentum behind the stock should continue," says BMO Capital Markets

BMO adds Cameco's advantageous geographical exposure and vertical integration, coupled with its position as the largest and most liquid uranium stock, should drive the share price higher

17 of 18 brokerages rate the stock "buy" or higher, 1 "hold"; their median PT is C$89 - LSEG data

As of last close, stock up 17.6% YTD