"We are increasing our price target to $13/sh from $10/sh to reflect our uranium bull market scenario. Investment Opinion We have revised our valuation of Extract Resources to reflect what we believe is the beginning of a multi-year bull market cycle. For additional details, see our industry note "Uranium: Let's Grab the Bull by the Horns", also published today. We are now valuing the company with a 1.25x multiple to our NAV, up from 1.0x previously. We believe Extract's R?ssing South project in Namibia is a very high quality asset with significant exploration upside. We think the R?ssing South project will be highly sought after by major uranium players. Based on our uranium bull market scenario, we are increasing our target price for Extract to $13.00/sh from $10.00/sh. We reiterate our Outperform, Speculative Risk"
EXT Price at posting:
$8.94 Sentiment: Buy Disclosure: Held
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