Stifel Canada on Tuesday maintained its buy rating on the shares of Cameco (CCO.TO, CCJ) and its C$180 price target following the uranium producer's fourth-quarter results.

"Cameco reported Q4/25 adjusted EPS of $0.50 vs. our $0.39 (consensus: $0.45) and adjusted EBITDA of $591Mln vs. our $549Mln (consensus $529Mln) on uranium sales of 11.2Mln lbs vs. implied guidance of 10.2-12.2Mln lbs (+84% QoQ; 34% of FY25 sales), reflecting normally high quarterly sales variability/seasonality and the discretionary nature of customer deliveries, and adjusted attributable Westinghouse EBITDA of $211Mln vs. our $141Mln (consensus: $140Mln). FY26 uranium production (-2.4% YoY) reflects a strategic flex-down of production at Cigar Lake as well as Zone 1 transition at McArthur River, which is the critical path to resolving the ground-freezing and ore-feed bottlenecks that constrained 2025 production. On a normalized basis (ex-Dukovany power plant revenue milestone), the midpoint of Westinghouse's FY26 adjusted EBITDA guidance represents a +3% YoY growth to US$370-430Mln (much lower vs. our US$550Mln)," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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