Cameco Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$180

MT Newswires Live05-07

Stifel Canada on Wednesday maintained its buy rating on the shares of Cameco (CCO.TO, CCJ) and its C$180.00 price target following the company's first-quarter results.

"Cameco reported Q1/26 adjusted EPS of $0.47 vs. our $0.27 estimate (consensus: $0.34), adjusted EBITDA of $509Mln vs. our $405Mln forecast (consensus: $440Mln) on uranium sales of 7.8Mln lbs vs. our 7.9Mln lbs expectation, and adjusted attributable Westinghouse EBITDA of $122Mln vs. our $167Mln, reflecting normal variability in timing of work completion in its core business and compares with the FY26 guidance of US$370M-$430Mln (23% of midpoint). Overall, we are positive on the beat, and Q1/26 operating results look consistent with FY26 expectations with guidance maintained and the new three-year McArthur River/Key Lake collective bargaining agreement (CBA) removes a significant labor disruption risk to our estimates. Q1/26 average unit cost of sales of $58.13/lb (-18.5% QoQ) vs our $66.20/lb estimate reflects 0.750Mln lbs of product loan facilities used to meet delivery requirements (+$0.13 impact)," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 164.73, Change: +8.49, Percent Change: +5.43

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