Here's Why Cameco Stock Soared in October
Shares in uranium, nuclear fuels, and services company Cameco Corporation (NYSE: CCJ) rose by 12.6% in October, according to data from S&P Global Market Intelligence. The move comes in an improving backdrop for stocks aligned with the nuclear industry, and Cameco is the best way to get pure-play exposure to the industry listed on the stock market.
Some stocks trade on quarterly earnings, and their share price reflects an almost minute-by-minute commentary on quarterly sales or other such metrics. Alternatively, some stocks trade more on sentiment over their long-term growth prospects. Cameco is more of the latter, and the good news is there's a real sense of optimism around nuclear energy right now.
Hard facts back that optimism. For example, the burgeoning demand for power to run data centers promulgated by AI applications has led IT giants Microsoft, Alphabet's Google, and Amazon.com to sign agreements to buy power from nuclear power plants this year. Microsoft signed a 20-year power purchase agreement with Constellation Energy that will restart the Three Mile Island nuclear plant. Google signed a deal in October to buy power from Kairos Power's small modular reactors (SMR) with both companies expecting Kairos' first SMR to be online by 2023. Finally, Amazon signed a deal to buy power from Talen Energy.
Source Fool.com
Cameco Corp. Stock
With 24 Buy predictions and 1 Sell predictions Cameco Corp. is one of the favorites of our community.
As a result the target price of 122 € shows a positive potential of 41.66% compared to the current price of 86.12 € for Cameco Corp..
