Bank of America upgrades uranium name Cameco amid renewed interest in nuclear

Cameco is one of the world's largest publicly traded uranium companies.
Courtesy: Cameco

Uranium miner Cameco Corporation should benefit from strength in the metal's price as nuclear power's role in decarbonization is reconsidered, according to Bank of America.

The firm upgraded the stock to buy from neutral Wednesday, saying shares can rally nearly 30% from current levels.

The stock was up more than 7% by 11 a.m. ET on Wall Street.

More In Future of Energy

CNBC ProFirst Solar jumps as Piper Sandler upgrades the stock, cites strong volume and pricing
CNBC ProWells Fargo double downgrades Ford and GM, says 2022 could be 'peak profits' for legacy automakers
CNBC ProRaymond James upgrades Clean Energy Fuel Corp., says alternative fuels could bounce back