Analysts at RBC Capital Markets and CIBC Capital Markets raised their price targets on Cameco Corp. (CCO.TO, CCJ) to $110 from $100, and to $115 from $95, respectively.

RBC analyst Andrew D. Wong maintained an Outperform rating on shares of the Saskatoon, Saskatchewan-based uranium producer following its Q2 results on Thursday.

"We see Cameco as uniquely well-positioned within a growing nuclear industry with top tier assets across the nuclear value chain, from uranium and fuel services through to nuclear new builds," Wong said in a note to clients.

"We think this growth potential justifies a premium valuation, especially the opportunity around new large reactor projects that are not fully reflected in estimates (therefore driving up valuation multiples)," the analyst said.

CIBC analyst Anita Soni maintained an Outperformer rating on the stock.

"The adjusted EPS beat was on lower income tax expense and interest expense," Soni said in a note to clients.

(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)