CCJ
New analyst, same uranium obsession
William Blair has started coverage on Cameco, and the message is pretty simple: the bank thinks CCJ is one of the cleanest ways to play the nuclear comeback. That’s a fancy way of saying Cameco isn’t just digging uranium out of the ground — it’s also refining, converting, and owning stakes in businesses that touch the rest of the nuclear fuel chain.
Why the bull case is sticky
Analyst Jed Dorsheimer framed Cameco as the “sole vertically integrated nuclear company,” which is Wall Street-speak for: if nuclear demand keeps building, Cameco gets a lot of the pie, not just one slice. He also pointed to the company’s 49% stake in Westinghouse Electric Company, which gives it exposure to new reactor starts and the fuel fabrication business behind them.
And because one growth story apparently wasn’t enough, Cameco’s 49% stake in Global Laser Enrichment adds a little optionality on a newer enrichment technology. Translation: investors aren’t just buying today’s uranium market, they’re getting a side bet on tomorrow’s nuclear plumbing too.
The investor angle
William Blair estimated Cameco could earn C$1.34 per share in 2026 and C$2.26 in 2027, which suggests the analyst sees the earnings runway getting longer, not shorter. For investors, that’s the kind of note that can keep the uranium trade feeling less like a meme and more like a thesis.
Big picture: Cameco just got another professional nudge from the sidelines, and in a market hungry for energy security and nuclear power upside, that’s not exactly a bad thing.