Cameco (CCJ) Stock Forecast & Price Target

Cameco is viewed positively because it combines strengthening uranium fundamentals with expanding nuclear-services exposure, giving it multiple ways to benefit from a tightening market and renewed global support for nuclear power. Recent contracting interest from sovereign buyers and utilities, including fixed-price term activity around $100/lb versus roughly $85/lb spot and $93-95/lb term levels, supports higher uranium pricing assumptions, while resumed McArthur River and Key Lake operations improve execution visibility. Its vertically integrated mix, plus Westinghouse’s AP1000 optionality and the company’s 49% stake in Westinghouse and GLE, underpins growth, with 2026 EBITDA estimated at $1.8B and the stock seen as best positioned for new-build acceleration.

Cameco is facing a weaker fundamental setup as 2026 revenue is cut 1% to CAD$3.47B and EBITDA is reduced 10% after 2Q26 EBITDA of CAD$391M missed estimate by 11%. Uranium economics are deteriorating as costs rise to CAD$71/lb in 2Q26, forcing the model’s average unit cost up to $65/lb from $61/lb despite only a modest Uranium price increase to CAD$91.29/lb. The outlook remains negative because downside risks include softer nuclear growth, contract realization volatility, production and regulatory disruptions, the ongoing CRA transfer pricing dispute, and weaker Westinghouse performance.