Cameco Downgraded to “Neutral” at Bank of America Corp. (CCJ)
Cameco (NYSE:CCJ) was downgraded by Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note issued on Friday, American Banking News reports. They currently have a $22.00 price target on the stock, down from their previous price target of $25.00. Bank of America Corp.’s price target would indicate a potential upside of 18.47% from the company’s current price.
The analysts wrote, “We are downgrading Cameco (CCO) to a Neutral from Buy rating, and lowering our price objective (PO) to $22/share from $25, following our commodities team downgrade of our 2013-15 uranium price forecast due to slower than expected Japanese reactor restarts after the country’s nuclear accident at Fukushima in March 2011. We continue to view CCO as the ‘go to’ equity in the uranium industry, however we expect CCO’s main driver, uranium spot prices, to have limited upside until Japan commences its nuclear reactor restarts mid-2014.”
Shares of Cameco (NYSE:CCJ) traded down 1.67% on Friday, hitting $18.26. 254,221 shares of the company’s stock traded hands. Cameco has a 1-year low of $16.41 and a 1-year high of $22.87. The stock has a 50-day moving average of $19. and a 200-day moving average of $20.33. The company has a market cap of $7.221 billion and a price-to-earnings ratio of 41.36.
Cameco (NYSE:CCJ) last announced its earnings results on Thursday, August 1st. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.03. The company had revenue of $421.00 million for the quarter, compared to the consensus estimate of $523.95 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was up 49.3% on a year-over-year basis. Analysts expect that Cameco will post $0.82 EPS for the current fiscal year.
Separately, analysts at Zacks upgraded shares of Cameco (NYSE:CCJ) from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, August 20th. They now have a $19.80 price target on the stock. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $24.35.
Cameco Corporation (NYSE:CCJ) is engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.
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