Cameco Trades Near $85. Here's Why the Uranium Giant Might Be the Safest Way to Play the Nuclear Comeback
2026-10-04 05:15
•Reuben Gregg Brewer •The Motley Fool
•••••• ••• Axe Cap view
Cameco: A Steady Bet on Nuclear’s Return
Cameco’s share price dip opens a window to back nuclear power’s long-term revival.
Cameco’s slide from $134 to about $85 is less a warning and more a chance to get in on nuclear power’s quiet comeback. The world needs more electricity—fast—and nuclear offers steady, carbon-light output that renewables can’t always guarantee. Uranium supply is tightening, with mines struggling to keep up, so prices should trend higher long term. Unlike riskier start-ups burning cash on unproven tech, Cameco owns half of Westinghouse, a reputable nuclear tech provider. This gives it two income streams and a defendable market position. For South African investors, while we don’t have a local uranium giant, the USD/ZAR rate still factors heavily. A stronger rand would soften input costs for heavy industry and utilities considering nuclear options ahead. However, if renewable energy storage solutions or regulatory setbacks stall nuclear growth, Cameco’s outlook dims. Still, right now it feels like the safest nuclear punt out there. this is just our opinion and not financial advice
Buy Cameco on weakness, aiming for a two-to-three year hold to capture uranium’s supply squeeze. Avoid speculative nuclear tech start-ups—stick with established names. Keep an eye on USD/ZAR as a gauge for local impact.
- CCJ
- USD/ZAR
- Delayed nuclear reactor projects due to regulation
- Breakthroughs in renewable energy storage reducing nuclear demand
7/10
Cameco's stock has fallen from $134 to $85 after initial investor enthusiasm for nuclear power waned. However, the article argues this presents an opportunity, as nuclear power is experiencing a genuine renaissance driven by surging electricity demand from AI and electric vehicles. With uranium supply expected to fall short of demand in the early 2030s and Cameco owning half of Westinghouse, the company is well-positioned to benefit from the nuclear comeback.
Our take is based on reporting first published by The Motley Fool.