Shaw $1.30, page-7

IMHO Shaws have been pretty good in the resources space. I follow them for FMG and PDN.

They have been increasing their price forecasts and assumptions in line with Uranium LT and ST price movements.

Oct 2021 forecast U price spike to $80/lb and settle at $60/lb. Target price $1.02
Feb 2022 forecast multi year U price spike at $85/lb and settle at $65/lb. Target Price $1.15
Current forecast multi year U price spike at $85/lb and settle at $65/lb. Target price $1.30.

The increase from the Feb TP to the current TP does not appear to be driven by changes to price assumptions. Perhaps it is due to the risk reduction following the CR and SPP , plus the timing/proximity to restart announcement and ultimately dividend payment capacity.

Any way, I still think Shaws are conservative and worth following.

FT