Cameco Stock Surges Past C$90 Mark Amid Strong Uranium Market

Cameco Corporation's stock has recently surpassed the C$90 threshold, marking a significant milestone for the Saskatoon-based uranium producer. The achievement was highlighted by a social media user, "tic toc," who stated, "> Folks, Cameco stock has cleared 90 dollars. I gave at 23 dollar." This surge reflects growing investor confidence in the nuclear energy sector and Cameco's strategic position within it.

The company, a global leader in uranium production and fuel services, has seen its shares climb approximately 46% since early September. This robust performance is underpinned by strong financial results, including a 47% increase in uranium revenues to C$705 million in the second quarter of 2025. Adjusted earnings per share also surged by 410% to C$0.71 during the same period, demonstrating significant operational momentum.

The upward trajectory of Cameco's stock is largely attributed to a strengthening uranium market, driven by a global resurgence in interest in nuclear power as a reliable, carbon-free energy source. Analysts from RBC Capital Markets and Stifel Canada have both set price targets of C$90 for Cameco, with RBC maintaining an Outperform rating. BMO Capital even raised its target to C$120 from C$110 in late August 2025.

Cameco's strategic initiatives, including disciplined capital allocation and anticipated growth investments, further support its market standing. The company is exploring the expansion of uranium production at its McArthur River site and aims to increase production at JV Inkai in Kazakhstan for 2025. This proactive approach positions Cameco to capitalize on the increasing demand for uranium, which is expected to create a market deficit if new supply is delayed.

The company's 49% stake in Westinghouse Electric Company also contributes to its positive outlook, with the segment projected to align with a five-year growth forecast of 8% year-over-year in 2025. As utilities anticipate declining contract coverage by 2028 and 2029, increased contract activity is expected in the latter half of 2025, further bolstering Cameco's prospects in the evolving energy landscape.