RBC Raises Cameco Price Target to C$175 on Nuclear Demand

RBC Capital raised its price target on Cameco Corporation to C$175 from C$160 and kept an Outperform rating on the shares, according to a note published June 29. The firm said Cameco is exceptionally well positioned to benefit from rising nuclear demand and the Cigar Lake deal.

Short interest in CCJ stands at 1.42% of shares outstanding. That level means few shares are borrowed for bets against the stock, a sign that bears are not piling on even after the stock's run.

The price target increase comes as utilities lock in long-term uranium supply contracts and governments back new reactor builds. Cameco's Cigar Lake mine in Saskatchewan is one of the highest-grade uranium deposits globally, and the joint venture with Orano gives it exposure across the fuel cycle.

Other uranium miners are also drawing capital. NexGen Energy recently completed a financing push to advance its Rook I project. The Department of Energy's conditional $17.5 billion loan to Westinghouse signals federal support for nuclear technology. Those developments reinforce the demand thesis that RBC is betting on.

The CCJ stock page shows an Alpha Score of 49. That score reflects mixed signals on momentum and valuation. It is consistent with a name that has already repriced higher, not a clear buy or sell signal.

RBC analysts said Cameco's cost structure and contracted revenue book make it the best way to play nuclear demand. Short interest of 1.42% means the market is not betting against that view.