Cameco gets UBS upgrade on strengthening uranium bull case

UBS has upgraded Cameco to Buy, maintaining its C$166 price target, due to a strengthening uranium bull case that analysts believe is not reflected in the producer's current share price. The upgrade comes despite a recent stock pullback, attributed to broader market sentiment rather than fundamental changes for the company. The bank cited record-high long-term contract prices, accelerating utility contracting, continued government support for nuclear power, and the underappreciated value of Cameco's stake in Westinghouse as key factors.