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In a report published Wednesday, Roth Capital analyst Joe Reagor resumed coverage on Ur-Energy (URG) with a Buy rating and $1.60 price target, representing a 43% upside from Monday's close. Reagor noted, "UR-Energy's valuation appears to be on the brink of an increase in valuation on an EV/pound of resource multiple, as it transitions from an exploration and development company to a uranium producer" Reagor believes that the combination of a revaluation, increasing production, and exposure to a potential spot price rise makes it a unique leverage play into the anticipated supply shortage when the Russian HEU agreement terminates at the end of this year. Back in June, Cantor Fitzgerald started the shares of Ur-Energy at Buy with a $1.40 price target based on the company's transitions from construction to production.
Cannacord maintains a Hold on Acuity; solid 3Q result, but shares fully valued
Cannacord maintains a Hold rating on Acuity Brands (AYI), raises price target from $78 to $100. "Acuity is one of the highest quality companies in our space and we have no reason to believe their incremental productivity and cost improvements, share gains, etc. will slow. However, near $100 per share we believe that much of the future growth is already priced into the stock", says Cannacord. That said, Cannacord analysts prefer to wait for pullbacks towards economic uncertainty, for example, as an opportunity to become more constructive. Acuity shares have recently hit 52-week highs following an upbeat Q3 profit, and currently trading at $94.09 per share.