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StocksMediumUpdated×4•Originally published 20 April 2026•Updated 21 April 2026•

1 min read

William Blair Initiates Coverage on Cameco with Outperform Rating on Uranium Supercycle Hopes

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Key Facts

1William Blair initiated coverage of Cameco (CCJ) with an Outperform rating and a $165 fair value estimate.

about 1 month ago

Version History

Version 4about 1 month ago

What changed: Added a comparative analysis between Cameco and Energy Fuels, highlighting the latter's expansion into rare earth elements as a growth factor.

Version 3about 1 month ago

What changed: Updated the story to include RBC Capital raising its price target for Cameco to $60.00, highlighting energy security and decarbonization as additional growth drivers.

Version 2about 1 month ago

What changed: Expanded the narrative to include a sector-wide bullish outlook, adding the 'Strong Buy' rating for the URA ETF and extending demand projections to 2040.

Version 1about 1 month ago

What changed: Updated with the specific coverage initiation date and stock price, 2025 EBITDA growth metrics, details on the Westinghouse ownership stake, and the impact of AI data centers on projected electricity demand.

William Blair initiated coverage on Cameco (CCJ) with an Outperform rating and a $165 price target, driven by projections of surging global electricity demand. While Cameco remains a stability-focused leader, Energy Fuels (UUUU) is increasingly being highlighted as an investment alternative offering rapid growth and expansion into rare earth elements (REE). Energy Fuels is noted for its improving cost structures and REE diversification relative to Cameco’s larger-scale operational model. Concurrently, RBC Capital raised its price target for CCJ to $60.00, citing nuclear power's critical role in decarbonization. Cameco’s 49% stake in Westinghouse further solidifies its strategic position, particularly as AI data centers drive long-term uranium demand. These developments suggest a broadening investor focus within the sector toward both established giants and high-growth strategic mineral producers.