Our commodity team has raised its near-and-long term U3O8 price...

Our commodity team has raised its near-and-long term U3O8 price forecasts on the back of a more imminent Russian nuclear fuel ban, and potential continuations of problems with mine development in Kazakhstan and Niger," the analysts said in a note dated 25 January.

"The main driver of the uranium bull market has been the closure of mines due to low prices last decade, exacerbated by the shift towards non-Russian enrichment capacity that led to overfeeding and raised uranium demand."

The average uranium price forecast was raised to US$101 in 2024 and US$110 in 2025, with long-term pricing raised to US$115 (from $87). The new price assumptions resulted in 30% higher EBITDA assumptions for Paladin Energy between FY25-27.

Biggest ASX 200 Upgrades

	Ticker	Company	Close	1-Week	Target Price	Prev Target Price	% Dif
PDN	Paladin Energy	$1.38	11.8%	$1.45	$1.30	11.5%
MP1	Megaport	$13.00	37.9%	$14.17	$12.82	10.5%
CCP	Credit Corp	$17.93	4.2%	$20.88	$19.06	9.5%
BOE	Boss Energy	$6.11	9.5%	$5.55	$5.24	5.9%
CAR	Car Group	$33.58	2.3%	$31.88	$30.18	5.6%
ALU	Altium	$51.85	6.6%	$45.80	$43.64	4.9%
RMS	Ramelius Resources	$1.61	3.6%	$1.84	$1.76	4.5%
CIA	Champion Iron	$8.58	5.8%	$8.96	$8.60	4.2%
SFR	Sandfire Resources	$7.28	3.3%	$7.25	$6.96	4.2%
REA	REA Group	$184.62	0.3%	$173.95	$167.63	3.8%
NWL	Netwealth Group	$16.76	-3.5%	$15.93	$15.40	3.4%
HVN	Harvey Norman	$4.40	-0.2%	$3.89	$3.77	3.2%
JHX	James Hardie	$59.35	6.8%	$56.55	$54.88	3.0%