Key Takeaways
- Cameco shares have lost 38% in six months. On Oct. 22, Truist cut its price target to $125 from $130 and kept a Buy rating.
- Truist’s target still implies 58% upside, a little below the $128 consensus target.
- Over the past 90 days, analysts have cut their 2026 earnings estimate to $1.44 a share from $1.67, while the 2027 estimate has barely moved.
- The call is plausible but stretched: $125 is about 80x next-twelve-months earnings, so it needs the 2027 earnings jump or a Westinghouse listing to get there.
Cameco (CCJ) has lost 38% in just six months, but Truist is not at all deterred. On Oct. 22, Truist analyst Christopher Souther trimmed the firm’s price target to $125 from $130 and kept his Buy rating. That $125 still implies 58% upside from the current ~$79 price. Let’s dig in.
Higher uranium prices haven’t reached earnings
Uranium prices have held up fine. On Cameco’s July 31 second-quarter call, president Grant Isaac said “we found ourselves back into a mid-90s long-term uranium price on its way to 3 digits likely.”
Cameco just hasn’t turned that into profit yet. Its uranium earnings fell nearly 40% in the second quarter even as its realized price rose 18%, because its cost per pound climbed 36%. Spring road conditions also disrupted Key Lake and McArthur River.
A smaller target, the same Buy
Souther had raised his target to $130 from $129 on Aug. 12, after the second-quarter report.
TIKR tracks 21 analysts on Cameco. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Cameco, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Cameco’s Analyst Ratings
Does $125 add up?
The consensus target has climbed from $88 at the end of September 2025 to $128 today, after peaking at $132 at the end of June…
So since June, nearly all of the gap has come from the stock falling.
The earnings estimates are less encouraging. Analysts expect normalized EPS of $1.44 for 2026, down from the $1.67 they expected 90 days ago. The 2027 estimate has held up better, at $2.64 against $2.69 90 days ago…
That jump in 2027 is what the bulls are paying for.
At $79, Cameco trades at about 52x forward earnings, and Truist’s $125 works out to about 80x. That’s a lot to ask with this year’s estimate falling.
Plus: Westinghouse disclosed an IPO filing on July 31. A listing would put a market price on a stake that could be worth more than $24.5 billion, in a company valued at about $35 billion.
The risk is more trouble at the mines and a 2026 estimate that keeps sliding.
My take: Truist’s call is plausible but stretched. To reach $125, Cameco needs the 2027 earnings jump to arrive on schedule, or a Westinghouse listing that values the stake richly.
The next test is Cameco’s third-quarter report in early November. Another cut to the 2026 estimate would push $125 further out of reach.
So what is Cameco stock actually worth?
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR’s valuation model and see what Cameco could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It’s free to use.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
