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Cameco Rises 5% After Filing Prospectus, TD Maintains Buy Rating

MT Newswires ·  {{timeTz}}

10:39 AM EDT, 09/27/2022 (MT Newswires) -- Cameco Corp. (CCO.TO, CCJ) shares rose 5% on Tuesday.

The Canadian uranium company on Monday filed a US$1.5 Billion Short Form Base Shelf Prospectus valid for raising capital via issuing of shares, warrants and debt securities over the next 25 months.

"Management has run a very conservative balance sheet for a long time due to the weak uranium market conditions and the CRA tax dispute - management has stated that it does not want to ever be beholden to the equity market," TD analyst Greg Barnes said in a note to clients.

"To be sure, market conditions are improving (at least for uranium), as has the CRA issue, but we expect that management will retain its very careful balance sheet positioning," the analyst said.

Barnes maintained a Buy rating and $45 price target on the stock.

Cameco shares rose $1.77, or 5.1%, to $36.28 on the Toronto Stock Exchange in morning trading.

(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:

Price: 36.28, Change: +1.77, Percent Change: +5.13

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