UBS raises uranium price forecast, Cameco stock defies the trend and rises

China Economic Observer: UBS released a research report on February 9, 2026, significantly raising uranium price forecasts, expecting the average uranium price to reach $95 per pound from 2026 to 2028, with the current spot price at $85 per pound. The report pointed out that the global uranium mining industry benefits from a triple resonance of policies, industry, and supply and demand. The restart of nuclear power strategies in multiple countries drives demand growth, and it specifically recommends Cameco as a core beneficiary company, alongside Kazakhstan’s Kazatomprom and China Uranium (001280), making them the world’s three largest natural uranium suppliers. Data from institutions show that Cameco’s current target price is $122.30, with 23 institutions covering it as of February 2026. Among them, 87% give buy or overweight ratings. Profit forecasts indicate significant year-over-year net profit growth over multiple quarters. In the past 7 days (February 6-11, 2026), Cameco’s stock price fluctuated by 7.94%, with an amplitude of 10.01%. On February 9, the stock surged by 6.20% in a single day, with a trading volume of $429 million, possibly related to the UBS bullish report. On February 11, the closing price was $117.96, down slightly by 0.11%, with a total increase of 28.93% since the beginning of the year. During the same period, the overall uranium sector declined by 2.06%, but Cameco performed relatively strongly, with a total market value of approximately $51.36 billion.

The above content is compiled from publicly available information and does not constitute investment advice.