Cameco Stock (CCJ) Outlook on December 10, 2025: Can the Uranium Leader Sustain Its Nuclear and AI-Fueled Rally?

Cameco Corporation (NYSE: CCJ, TSX: CCO) has become one of the most talked‑about energy stocks of 2025. The world’s second‑largest uranium producer now sits at the center of an $80 billion U.S. nuclear build‑out, surging AI‑driven power demand, and a fast‑tightening uranium market – but also carries a valuation that many analysts openly describe as “premium.” ^[1]

As of the close on December 10, 2025, Cameco shares trade around $90–91 in New York, down on the day but still dramatically higher than a year ago and well above their pre‑“nuclear renaissance” levels. ^[2]

Below is a breakdown of today’s key news, the latest forecasts, and what current analysis is saying about Cameco stock.

Cameco Stock Today: Price, Momentum and Valuation

Real‑time data show Cameco at $90.64, with an intraday range between $89.06 and $94.20 on December 10.

Third‑party data aggregators and research platforms paint this picture:

Year‑to‑date performance: roughly +80% in 2025 and more than +300% over the last four years, driven by the sharp recovery in uranium prices and Cameco’s transformation into a vertically integrated nuclear player. ^[3]
52‑week range: about $35.00 to $110.16, with shares currently trading roughly 15% below their recent high. ^[4]
Market capitalization and valuation: around $40–41 billion market cap, a P/E ratio above 100x and a price‑to‑sales multiple near 11–12x, far richer than traditional miners and even many integrated energy names. ^[5]

A recent piece from Weiss Ratings, which rated CCJ a neutral “C (Hold)”, highlighted that Cameco is trading well below its 52‑week high but still looks expensive on conventional metrics. ^[6]

In short: momentum is strong, but so is the valuation.

December 10 Filings: Big Money Is Both Buying and Taking Profits

One of the most immediate stories on December 10 is a flurry of 13F‑related headlines showing how institutional investors repositioned around Cameco in the second quarter:

Intact Investment Management Inc.
- Increased its position by 39.9%, adding 61,250 shares to bring its stake to 214,890 shares, valued at roughly $15.95 million at the time of filing. ^[7]
Guggenheim Capital LLC
- Boosted its holdings by 127.3%, buying 15,264 shares to reach 27,253 shares worth about $2.02 million. ^[8]
Ossiam
- Went the other way, selling 31,653 shares and cutting its position by 50.7% to 30,787 shares (around $2.28 million). ^[9]
XTX Topco Ltd
- Slashed its stake by 90.4%, exiting 29,221 shares and retaining just 3,091 shares valued at roughly $229,000. ^[10]

Across these filings, you see both accumulation and profit‑taking. Net‑net, the pattern is:

Long‑only asset managers like Intact and Guggenheim are adding exposure, while
Quant and tactical players (XTX, Ossiam) are lightening up after a huge multi‑year run.

That mixed activity is exactly what you’d expect in a stock that has already re‑rated sharply but still sits at the center of a powerful structural theme.

Q3 2025 Results: Operational Headwinds, Financial Strength

Cameco’s third‑quarter 2025 results, released on November 5, set much of the tone for current analysis. ^[11]

Key takeaways:

Headline numbers
- Consolidated revenue of about CAD 615 million, down roughly 15% year over year, reflecting lower sales volumes despite higher realized prices. ^[12]
- A small net loss under IFRS, but adjusted net earnings of CAD 32 million and adjusted EBITDA of CAD 310 million. ^[13]
- On an adjusted basis, earnings per share came in around CAD 0.07, significantly below consensus expectations (around CAD 0.23) even as revenue modestly beat some analyst forecasts. ^[14]
Segment performance
- Uranium segment: earnings before tax of CAD 172 million, with adjusted EBITDA of CAD 220 million, slightly softer than last year because of lower volumes, but with better realized prices per pound. ^[15]
- Fuel services: steady but volume‑constrained; earnings before tax CAD 17 million, adjusted EBITDA CAD 24 million. ^[16]
- Westinghouse stake: Cameco’s share of Westinghouse’s adjusted EBITDA for Q3 was USD 124 million, up slightly year‑on‑year, and year‑to‑date adjusted EBITDA from Westinghouse is up sharply versus 2024. ^[17]
Balance sheet and cash
- Cash and cash equivalents of CAD 779 million, total debt around CAD 1.0 billion, plus an undrawn CAD 1.0 billion revolver – a very strong liquidity position for a miner. ^[18]
- In October, Cameco received about USD 171.5 million as its 49% share of a Westinghouse distribution tied to a Czech nuclear project, further bolstering cash. ^[19]
Dividend increase
- The board doubled the annual dividend to CAD 0.24 per share (from CAD 0.12), to be paid on December 16, 2025, reflecting management’s confidence in cash flow despite production hiccups. ^[20]

Production guidance: McArthur river issues, but deliveries intact

Operationally, the big story is delays at the McArthur River and Key Lake operations, where slower‑than‑expected ground freezing and development led Cameco to cut its 2025 production forecast:

McArthur River/Key Lake 2025 production guidance reduced from 18 million pounds (100% basis) to 14–15 million pounds. ^[21]
The company expects Cigar Lake to partially offset, potentially producing up to 19 million pounds (100% basis). ^[22]

Yet Cameco reaffirmed its delivery guidance, now targeting 32–34 million pounds of uranium sales in 2025 and expecting to meet all long‑term contracts using a mix of own production, inventory, market purchases and product loans. ^[23]

This is why many analysts describe Q3 as “mixed”: the EPS miss and production cuts are a clear negative, but underlying contract coverage, pricing power and downstream earnings from Westinghouse remain strong. ^[24]

Strategic Catalyst: The $80 Billion Westinghouse–U.S. Government Partnership

The single biggest strategic development this year – and the one most often cited in bullish research – is the October 28, 2025 partnership among the U.S. Government, Brookfield Asset Management and Cameco, centered on Westinghouse. ^[25]

Highlights:

The U.S. Government has agreed in principle to support the construction of at least USD 80 billion worth of new Westinghouse AP1000 reactors across the United States. ^[26]
Washington will help arrange financing and streamline permitting and approvals, aiming to revive the domestic nuclear supply chain and power a new wave of AI‑heavy data centers and industrial demand. ^[27]
The agreement includes a profit‑sharing mechanism in which the U.S. Government receives 20% of Westinghouse cash distributions above USD 17.5 billion, once certain build‑out thresholds are reached – underscoring the scale of expected cash flows. ^[28]

For Cameco, which owns 49% of Westinghouse, this partnership potentially:

Secures decades of downstream service and fuel demand, and
Anchors a nuclear‑plus‑AI narrative that many growth investors are now leaning into.

World Nuclear News, Innovation News Network and legal analysts at Hogan Lovells all describe the deal as “transformational,” suggesting it could accelerate new reactor construction and further entrench Westinghouse technology globally. ^[29]

Of course, Cameco itself emphasizes that the transaction remains subject to definitive agreements, funding approvals and regulatory clearances, and its MD&A lists an extensive set of risks – from political and financing uncertainty to execution challenges on large projects. ^[30]

Uranium Market Tailwinds: Tight Supply Meets Policy Support

The macro backdrop for Cameco remains extremely favorable:

A new DataM Intelligence report released on December 10 estimates the global uranium market at USD 9.30 billion in 2024, projected to reach USD 13.59 billion by 2032, a 4.86% CAGR. The study highlights:
- A shift from surplus to structural undersupply,
- Aggressive nuclear expansion in Asia and Eastern Europe, and
- Strategic stockpiling and fuel‑cycle “reshoring” in North America and Europe. ^[31]
The same report notes that Cameco and Kazatomprom remain the two dominant global producers, and that in September 2025 they announced a joint venture to develop Canada’s Millennium uranium deposit, adding future supply but reinforcing their duopoly. ^[32]
Earlier in 2025, Bank of America forecast that the uranium spot price could nearly double from around USD 67/lb to USD 120/lb by year‑end 2025, and reach USD 135/lb in 2026, on the back of new nuclear demand and constrained supply. ^[33]
The U.S. Department of Energy also recently finalized a multi‑year, USD 3.5 billion program to buy domestically sourced enriched uranium, aiming to rebuild the U.S. fuel cycle and reduce reliance on Russian suppliers – indirectly supportive for Cameco’s upstream and conversion businesses. ^[34]

Put together, the macro thesis is simple: more reactors, longer lifespans, and a scramble for secure fuel sources in a world that wants both decarbonization and energy security. Cameco’s CEO Tim Gitzel has repeatedly described nuclear as moving toward “robust expansion and meaningful transformation,” a view now largely echoed by governments and industry bodies. ^[35]

How Analysts See Cameco Stock Now

Street ratings and price targets

Across Wall Street, Cameco sits in the unusual position of being both:

A consensus long‑term winner in nuclear, and
A stock where investors argue about how much good news is already priced in.

Current snapshots from major data providers show:

TickerNerd / aggregated analyst data
- 20 analyst ratings:17 Buy, 3 Hold, 0 Sell.
- Median 12‑month price target:USD 111.70, with a range of about USD 81.43 to USD 151.67.
- At a recent quoted price of USD 93.36, that implies roughly 20% upside to the median target. ^[36]
MarketWatch consensus
- Average recommendation: “Overweight”.
- Average target around USD 105.12, based on approximately 23 analyst ratings. ^[37]
Individual calls compiled in late 2025 include:
- RBC Capital: “Outperform,” with recent targets between USD 150 and 160 after the U.S. partnership news.
- UBS: “Neutral” at USD 140.
- Goldman Sachs: “Buy” with a target near USD 109, highlighting Cameco as a core beneficiary of the nuclear‑plus‑AI theme. ^[38]

Several equity research pieces, including those from Zacks and Motley Fool, emphasize that Cameco is trading at a premium multiple but argue that its contract book, Westinghouse exposure and uranium market position justify a higher‑than‑peer valuation – provided that the nuclear build‑out continues as expected. ^[39]

Growth forecasts

Looking out to 2026–2027, consensus estimates suggest:

Revenue growth of around 6–8% annually, from both higher realized uranium prices and expanded service revenue. ^[40]
EPS growth that’s far steeper, with some forecasts calling for nearly 40% EPS growth in 2026 (to roughly USD 1.38 per share) and very high compound growth rates out to 2027 as legacy contracts roll off and higher‑priced volumes ramp. ^[41]

One widely cited analysis notes that from 2024 to 2027, Cameco’s revenue could grow at an 8% CAGR, while EPS could grow at roughly 90% CAGR, driven by:

Higher uranium prices,
Expansion of the cloud and AI markets (and their need for baseload power),
Growth at Global Laser Enrichment (GLE), and
Increasing earnings from Westinghouse. ^[42]

What Recent Commentary Is Saying

A wave of articles over the past few weeks has sharpened the narrative around Cameco:

“Up Over 55% in 2025, Is Cameco Stock the Next Big Thing?” (Nasdaq/Motley Fool)
- Emphasizes that Cameco has transformed from a pure uranium miner into a more diversified nuclear energy company, thanks to its GLE and Westinghouse stakes.
- Notes that in 2025, the company expects uranium deliveries of 31–34 million pounds at an average realized price of about USD 87 per pound, above current spot prices, reflecting strong long‑term contracts. ^[43]
Zacks: “Cameco’s Premium Valuation: What’s the Right Strategy for Investors?”
- Characterizes Q3 2025 as mixed: revenue down ~14–15% year over year, EPS below expectations, but long‑term delivery targets and contract coverage intact.
- Stresses that Cameco trades at high earnings and sales multiples relative to sector peers, arguing investors must weigh valuation risk against multi‑decade growth drivers. ^[44]
24/7 Wall St and other outlets have highlighted the stock’s volatility, pointing out episodes where CCJ fell 6% in a single day and over 15% in a week after touching new highs near USD 110, even as retail sentiment stayed bullish. ^[45]
Comparative pieces (“Energy Fuels vs. Cameco”, “Oklo vs. Cameco”, “3 Nuclear Energy Stocks to Buy Before 2026”) consistently describe Cameco as the “blue‑chip” uranium name: less speculative than smaller developers, more expensive on multiples, but backed by world‑class assets, integrated fuel‑cycle exposure and deep contract books. ^[46]

Key Risks the Market Is Watching

For all the enthusiasm, current research does not gloss over the risk side of the ledger:

Premium valuation
- With a P/E around 100x and price‑to‑sales over 11x, Cameco’s multiple already reflects substantial optimism about future uranium prices, reactor build‑outs and Westinghouse earnings. ^[47]
- If uranium prices plateau or fall short of forecasts, or if major projects are delayed, multiple compression could offset operational progress.
Uranium price and policy risk
- S&P Global’s recent upgrade of Cameco’s credit rating to BBB assumes uranium spot prices around USD 75/lb in 2025 and USD 85/lb in 2026–27. A materially weaker price environment could strain cash flow and challenge those assumptions. ^[48]
Project execution risk: mines and Westinghouse
- The Q3 cut to McArthur River/Key Lake guidance underlines that even tier‑one assets face technical and labor risks. ^[49]
- The Westinghouse partnership with the U.S. Government, while potentially transformational, is exposed to political, legal and financing risks that both Cameco’s MD&A and the partnership announcement spell out at length. ^[50]
Geopolitics and supply chains
- Cameco’s joint venture JV Inkai in Kazakhstan, and broader uranium supply chains, face geopolitical uncertainty, including ongoing tensions and sanctions related to Russia and regional politics. ^[51]
Nuclear perception and regulatory shifts
- Any major nuclear incident, or a sharp reversal in public/political support for nuclear energy, could weigh heavily on demand, reactor life extensions and new‑build programs – a standard but real tail risk highlighted in Cameco’s risk disclosures. ^[52]

Is Cameco Stock a Buy on December 10, 2025?

As of today, the core bull case around Cameco looks like this:

It’s a top‑tier, low‑cost producer with control of some of the world’s richest uranium deposits. ^[53]
It’s now vertically integrated through fuel services, GLE enrichment and a near‑half stake in Westinghouse, giving it leverage across the nuclear fuel cycle rather than just at the mine mouth. ^[54]
Policy momentum – from the USD 80 billion U.S. reactor program to DOE enrichment contracts and global decarbonization goals – appears to be shifting nuclear from “option” to “pillar” in long‑term energy systems. ^[55]
Wall Street remains broadly bullish, with no major “Sell” ratings, a “Strong Buy/Overweight” consensus, and price targets that still imply double‑digit upside from current levels. ^[56]

The bear or cautionary case is equally clear:

The stock already discounts a lot of good news, trading on a valuation multiple that leaves little room for disappointment in uranium prices, mine performance, or Westinghouse project execution. ^[57]
Short‑term volatility has been high, with sharp pullbacks following each new high, suggesting that traders are quick to lock in profits. ^[58]
A meaningful portion of the upside hinges on long‑dated, complex policy‑driven projects in the U.S. and elsewhere, where funding cycles, politics and permitting can change course.

Bottom line: As of December 10, 2025, Cameco is widely viewed as the premier liquid way to play the nuclear and uranium upcycle, but it is not priced like a sleepy commodity stock. Investors and commentators generally agree that it suits those who:

Believe nuclear’s role in the energy and AI infrastructure build‑out will keep expanding for decades, and
Can tolerate price swings and valuation risk along the way.