Cameco Corporation

New York Stock Exchange
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Neutral +10

Cameco (TSE:CCO) Price Target Lowered to C$147.00 at Barclays

📉 Barclays lowered its price target for Cameco from C$149.00 to C$147.00 in a Thursday research note.

📈 Other major banks including Canaccord Genuity, Scotia, RBC, TD, and National Bank Financial recently raised targets or maintained buy ratings.

💰 Cameco reported Q1 earnings of C$0.47 EPS and revenue of C$845.37 million on May 5th.

📊 The company achieved a return on equity of 9.47% and a net margin of 18.39% for the quarter.

🏦 Analyst consensus remains 'Moderate Buy' with an average price target of C$176.17 based on MarketBeat data.

👤 Insider Alexandre Aubin sold 300 shares on June 25th, reducing his stake by 93.75% to just 20 shares.

⛏️ The flagship McArthur River mine in Saskatchewan accounts for roughly 50% of the company's normal production output.

🔄 Due to uranium price weakness, Cameco has reduced mine production and is purchasing from the spot market to meet contracts.

🚀 Long-term strategy includes restarting shut mines and investing in new projects to increase annual uranium production.

🏭 Cameco operates uranium conversion and fabrication facilities in addition to its mining business.

Bullish Signals
  • Recent analyst upgrades from Canaccord Genuity, Scotia, Royal Bank of Canada, TD, and National Bank Financial indicate strong institutional confidence despite the Barclays downgrade.
  • The company reported solid quarterly financials with C$0.47 EPS and a healthy net margin of 18.39%.
  • Cameco maintains a 'Moderate Buy' consensus rating with an average price target of C$176.17, which is significantly higher than the specific Barclays target of C$147.00.
  • The company has long-term growth potential to increase annual uranium production by restarting shut mines and developing new projects.
Risk Factors
  • Barclays specifically lowered its price target from C$149.00 to C$147.00, signaling a bearish view on the current valuation or outlook.
  • Insider Alexandre Aubin sold 300 shares for approximately C$44,559, reducing his ownership by 93.75% which may signal a lack of confidence at that price level.
  • The company has been forced to reduce production from its flagship McArthur River mine and purchase uranium from the spot market due to years of weak uranium prices.
Full Analysis
Barlycs has lowered its price target for Cameco (NYSE:CCJ, TSE:CCO) from C$149.00 to C$147.00 in a research note published on Thursday, July 17th, 2026. This action contrasts with recent upgrades from other major institutions; Canaccord Genuity raised its target to C$195.00 on May 6th, while Scotia, Royal Bank of Canada, TD, and National Bank Financial all increased their targets or maintained buy ratings between May and June. The company recently reported quarterly earnings on Tuesday, May 5th, delivering C$0.47 per share in earnings per share (EPS) against a revenue of C$845.37 million. Key financial metrics included a return on equity of 9.47% and a net margin of 18.39%. Analyst consensus currently rates the stock as a 'Moderate Buy' with an average price target of C$176.17, reflecting a mix of bullish sentiment from peers and this specific downgrade. In corporate developments, insider Alexandre Aubin sold 300 shares on June 25th at an average price of C$148.53, reducing his personal ownership by 93.75% to just 20 shares valued at approximately C$2,970.60. Corporate insiders collectively hold only 0.15% of the company's stock. Fundamentally, Cameco remains a major global uranium producer where its flagship McArthur River mine in Saskatchewan typically accounts for half of total output. Amid years of weak uranium prices, the company has strategically reduced production at its mines and is instead purchasing uranium from the spot market to fulfill contracted delivery obligations. Management maintains that in the long term, Cameco possesses the capacity to increase annual uranium production by restarting previously shut mines and investing in new projects. Additionally, the company operates conversion and fabrication facilities alongside its mining operations.