JPMorgan Cuts Cameco and Uranium One To Neutral

Financial Post reported JPMorgan downgraded Cameco Corp. (TSX:CCO,NYSE:CCJ) and Uranium One Inc. (TSX:UUU) to neutral from overweight on the expectation that uranium prices will remain under $50 a pound.

As quoted in the market news:

Uranium spot prices have continued to be weak as Japan delays bringing more nuclear reactors online.

While analyst Tyler Langton doesn’t see much more downside to either uranium spot prices or Cameco shares, he expects the stock will trade sideways until uranium prices start to see material gains. He doesn’t think that will happen until 2014.

Click here to read the full Financial Post report.