Canaccord Genuity Maintains a Buy Rating on Denison Mines Corp. (DNN), Retains a PT of C$4.10

Denison Mines Corp. (NYSE:DNN) is one of the top strong buy stocks under $5 to buy now. On August 19, Canaccord Genuity analyst Katie Lachapelle maintained a Buy rating on Denison Mines Corp. (NYSE:DNN), retaining the price target of C$4.10.

Is Denison Mines Corp. (DNN) the Best Canadian Penny Stock to Invest in Now?

An open pit mine with a large yellow excavator machine with tailings visible in the background, illustrating the uranium extraction process.

The analyst reasoned that Denison Mines Corp. (NYSE:DNN) recently conducted a significant convertible senior notes offering, raising considerable capital usable for development initiatives and future growth.

The initiative bolsters the company’s balance sheet, according to the analyst, offering it considerable flexibility to pursue strategic opportunities in the uranium market.

Lachapelle added that Denison Mines Corp. (NYSE:DNN) is well-positioned to capitalize on the favorable market conditions for uranium producers, with rising demand and potential supply constraints hiking up prices.

Denison Mines Corp. (NYSE:DNN) is involved in the exploration and development of uranium. The company holds interests in the Athabasca Basin, Wheeler River, Midwest Project, McClean Lake, and Waterbury Lake.

While we acknowledge the potential of DNN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DNN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.