Cameco already pricing in uranium upside, BMO analyst says

|About: Cameco Corporation (CCJ)|By:, SA News Editor

Cameco (CCJ) has climbed nearly 10% in five weeks, but BMO analyst Edward Sterck doesn't see more upside ahead and downgrades shares to Market Perform from Outperform; he says the stock is priced at a uranium price of $48-$65/lb., far above the current mid-$30s where it has been mired for months.

On the other hand, Sterck is optimistic about uranium, and notes CCJ's stock price usually moves in advance of the uranium price, "which could provide a further indication that that an increase in the uranium price may be imminent."

ETFs: URA, NLR, NUCL.