Cameco Corporation Pullback despite improving fundamentals; Upgrade to Buy

Research evidence excerpt

Cameco Corporation Pullback despite improving fundamentals; Upgrade to Buy

Global Research

27 July 2026ab

Cameco Corporation Equities

AmericasPullback despite improving fundamentals;

Upgrade to Buy Mining

12-month rating Buy

Prior : Neutral

12m price target C$166.00Broader market gyrations present buying opportunity

We upgrade Cameco to Buy rated following the recent pullback (-18% 1mth & -27%

6mth), which appears driven by broader market and AI-related sentiment rather than Price (24 Jul 2026) C$123.63

any change in fundamentals. The uranium bull case has only strengthened this year in RIC: CCO.TO BBG: CCO CN

our view: long-term contract prices have reached record highs, utility contracting and

RFP's are accelerating, and govt support for nuclear continues. Recent momentum Trading data and key metrics

behind AP1000 deployment and the prospect of further reactor announcements 52-wk range C$181.66-97.76

reinforce our view that the nuclear cycle is in its early innings (>3.5% CAGR demand Market cap. C$53.8b/US$38.1b

growth). Meanwhile, heightened geopolitical risks underscore strategic value and Shares o/s 435m (COM)

Cameco remains the clearest and most liquid global exposure to the nuclear thematic. Free float 100%

We expect the stock to remain structurally crowded given scarcity value, industry Avg. daily volume ('000) 990

leadership and unique leverage to a multi-decade growth story. Positive catalysts this Avg. daily value (m) C$144.2

year include: contract price upside, meaningful AP1000 announcements/govt support, Common s/h equity (12/26E) C$7.43b

plans for physical uranium futures and continued supply challenges of incumbents. P/BV (12/26E) 7.4x

Net debt to EBITDA (12/26E) 0.0x

Contract price has risen nearly every month this year to $96/lb (+20% y/y)