Bell Potter cuts PT on ASX-listed NexGen Energy; stock gains on uranium spot price rise
Bell Potter cuts PT on ASX-listed shares of NexGen Energy NXG.AX NXE.TO to A$13.55 from A$16.90, maintains "speculative buy"
Revises PT on Canada-based uranium explorer's Australian stock to account for delayed start in production at Pattersons Corridor East (PCE) project
Sees spot uranium rising to $98/lb in FY25, $128/lb in FY26 from an avg of $82/lb in FY24
Expects stock to trade in line with uranium spot price
Sees "perfect storm" benefiting uranium producers, developers entering market in capturing higher prices given no real near-term supply solution and growing demand for uranium long-term
NXG gains as much as 3.3% to 2-week high of A$10.58
ASX-listed stock rated "buy" on avg; mean PT is A$11.97, per LSEG-compiled data
NXG trims YTD losses to 2.4%
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