Can Cameco’s (TSX:CCO) New US Nuclear Alliance Offset Lowered Production Targets?

• In early November 2025, Cameco reported mixed third quarter results, announced an annual dividend increase to CA$0.24 per share, lowered its production guidance, and highlighted a new partnership with Brookfield and the US Department of Commerce to support nuclear reactor expansion in the United States.
• The collaboration with Brookfield and the US Government aims to accelerate Westinghouse reactor deployment and strengthen supply chains, signaling long-term ambitions for Cameco’s position within the nuclear industry.
• We'll explore how the production guidance cut and clean energy partnership could affect Cameco’s long-term investment narrative.

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Cameco Investment Narrative Recap

To be a Cameco shareholder, you need confidence in a sustained global push for nuclear energy and uranium demand, driven by supportive government policies and expanding reactor construction. The Q3 2025 news, a lowered production outlook alongside a new US partnership, does not materially alter the near-term central catalyst: securing major new long-term utility contracts, while ongoing operational challenges at key mines remain the most immediate risk for the business.

Among recent announcements, Cameco’s strategic partnership with Brookfield and the US Department of Commerce stands out, supporting ambitions to accelerate deployment of Westinghouse reactor technologies. This alliance may strengthen Cameco’s positioning if policy-driven demand materializes and advance the company’s access to crucial reactor supply chain investments, which ties back to the core long-term catalyst for uranium market growth.

In contrast, investors should be aware that persistent operational challenges, especially at McArthur River, could...

Read the full narrative on Cameco (it's free!)

Cameco's outlook anticipates CA$3.9 billion in revenue and CA$1.2 billion in earnings by 2028. This implies a 2.6% annual revenue growth rate and an earnings increase of about CA$666 million from current earnings of CA$533.6 million.

Uncover how Cameco's forecasts yield a CA$146.44 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members offered 12 separate fair value opinions on Cameco, ranging widely from CA$75.41 to CA$146.44 per share. With slow final investment decisions for new reactors still a risk, consider how differing outlooks can shape your perspective on Cameco’s long-term prospects.

Explore 12 other fair value estimates on Cameco - why the stock might be worth as much as 13% more than the current price!

Build Your Own Cameco Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Cameco research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Cameco research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Cameco's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.