Gabelli Maintains Buy on Cameco

Gabelli is out with its report today on Cameco

, maintaining Buy. In its report, Gabelli writes, "We reiterate our buy recommendation: Cameco is a leading uranium producer with a diverse group of high-grade, low-cost operations spread throughout the Americas, Asia and Australia. The offer to acquire Hathor confirms Cameco's long-term commitment to uranium production and strengthens its ability to supply world markets as uranium demand increases with nuclear power generation growth. CCJ is trading at a 37% discount to our 2012 PMV of $35 per share." At the time of posting, shares of CCJ were trading pre-market at $22.50, up 0.85% from Friday's close.