Raymond James raised its price target on Cameco Corp. (CCO.TO, CCJ) to $102 from $96.

Analyst Brian MacArthur maintained an Outperform rating on shares of the Saskatoon, Saskatchewan-based uranium company.

"The Sprott Physical Uranium Trust (SPUT), announced June 16 that as a result of strong investor demand, the Trust has amended its agreement pursuant to which the underwriter has agreed to purchase on a 'bought deal' basis 11,600,000 units of the Trust at a price of US$17.25 per unit, representing total gross proceeds of US$200,100,000," MacArthur said in a note to clients.

"The net proceeds of the offering will be used by SPUT to acquire physical uranium in the form of U3O8 and UF6," the analyst said.

"We believe this transaction creates additional demand for uranium and could put pressure on the uranium price and, as a result, we have increased our uranium price forecasts."

(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)