Should You Buy Cameco Stock While It's Below $95?
The uranium miner still has plenty of upside potential.
Cameco (NYSE: CCJ), one of the world's top uranium miners, saw its stock surge more than 580% over the past five years. That rally was driven by a soaring demand for uranium in new nuclear projects in a post-pandemic market, as well as its partnership with Brookfield Asset Management to acquire Westinghouse Electric in late 2023. Uranium's rising spot price, which more than doubled over the past five years, and its new 49% stake in Westinghouse Electric, which designs and builds nuclear power plants, made it a well-balanced nuclear energy play.
Even though Cameco's stock is already trading near its record high of $66.91 as of this writing, it remains well below Wall Street's top price target of $95. So, should investors accumulate this hot stock before it hits that price target, which was set by CIBC on June 11?
Let's review its business model and upcoming catalysts to decide.
