Cameco (CCJ) Remains A Beneficiary Of The Long-Term Upside In Western Nuclear Fuel Infrastructure, According To GLJ Research

With an upside potential of 9.3%, Cameco Corporation (NYSE:CCJ) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

Orest Wowkodaw, an analyst at Scotiabank, raised his price target on Cameco Corporation (NYSE:CCJ) to $175 from $150 on May 7, 2026. The firm’s Outperform rating was maintained following the quarterly update, which it viewed as a positive catalyst driving the firm’s valuation estimates higher. Additionally, Wowkodaw said the company’s fundamentals are improving, citing drivers such as the Western world’s decarbonization, energy independence, and power security agendas.

A more recent update came on May 12, 2026, from GLJ Research, which cut its price target on the stock from CAD $171.20 to CAD $152.60. While the firm is less excited about the near-term outlook, it remains bullish and frames Cameco Corporation (NYSE:CCJ) as a beneficiary of the long-term upside in Western nuclear fuel infrastructure.

That broader analyst optimism came following strong Q1 2026 earnings.

Net earnings came in at CAD $131 million, adjusted net earnings at CAD $203 million, and adjusted EBITDA at CAD $509 million, all higher than Q1 2025. The uranium segment led the surge, with earnings before taxes climbing to CAD $358 million from CAD $227 million in Q1 2025, driven by higher sales volumes and market-related contract pricing.

Westinghouse also contributed significantly during the quarter, with Cameco Corporation (NYSE:CCJ)’s share of adjusted EBITDA rising to CAD $122 million from CAD $92 million. The company kept its annual guidance unchanged, with uranium production targeted between 19.5 million and 21.5 million pounds.

Meanwhile, Cameco Corporation (NYSE:CCJ) is pushing to improve overall sentiment with key strategic wins. Those include the ~CAD $2.6 billion, 22-million-pound uranium supply deal signed with India on March 2, 2026, and the U.S. government partnership announced on October 28, 2025, targeting at least US$80 billion in Westinghouse reactor deployments.

Cameco Corporation (NYSE:CCJ) operates globally, producing uranium and nuclear fuel products for the generation of clean, safe, and reliable electricity.

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