Dahlman Rose Maintains Buy and PT of $40 on Cameco Corporation (CCJ)

Dahlman Rose maintained its Buy rating and PT of $40 on Cameco Corporation CCJ, in spite of worse than expected Q1 results. In a research report published today, Dahlman justified its decision by claiming it expects that the demand for uranium will pick up in the near-future, which will ultimately lead to higher prices. In the report, Dahlman states, "Lower volumes and pricing negatively impacted 1Q11 EPS results. While current sentiment toward uranium is extremely negative, we anticipate that demand for the metal will continue to grow, which should lead to higher prices in 2012 and beyond. We reiterate our Buy rating and $40 price target." In today's trading, Cameco added 1.2% to its value and is currently trading at $28.74.