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Bank of America Raises Uranium Outlook, Expecting 52% Price Increase

As utility supply contracts hit multi-year lows and Washington doubles down on nuclear capacity, Bank of America forecasts a 52% surge in yellowcake prices to $130 per pound by 2027.

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Bank of America Raises Uranium Outlook, Expecting 52% Price Increase

Nuclear energy is undergoing a high-stakes revival, and Wall Street analysts are re-evaluating the math behind global power grids.

Bank of America has reaffirmed its bullish thesis on the sector, forecasting spot uranium prices to average $130 per pound by 2027.

That target represents a sharp 52% surge from current spot levels, driven by structural supply deficits, shrinking utility coverage, and an aggressive legislative push toward carbon-free power.

The core issue facing the market is simple: utilities are running low on forward security while time is running out on key supply chains. According to data from the U.S. Energy Information Administration, domestic nuclear utility inventories crept up 3% year-over-year to 118 million pounds at the end of 2025. However, that modest increase masks a widening gap in long-term coverage. The extent to which U.S. utilities have their 10-year forward fuel needs secured under contract plummeted to 48% in 2025, down from 56% in 2024 and 57% in 2023. With a full ban on Russian uranium imports slated to take effect at the start of 2028, power producers will soon have to fight for non-Russian pounds in an increasingly crowded market.

Government policy is supercharging this structural demand shock. Executive Orders have established an ambitious mandate to quadruple U.S. nuclear capacity to 400 gigawatts by 2050. Backing up those targets is real capital, including an $80 billion commitment to construct 10 new AP1000 reactors designed by Westinghouse Electric Company, as well as $2.7 billion in U.S. Department of Energy awards targeted at rebuilding domestic enrichment infrastructure.

Major primary producers are uniquely positioned to navigate these market shifts. Analysts at Bank of America maintained a Buy rating on Cameco Corporation (NYSE: CCJ), despite trimming their price objective by 5% to $133 (C$190) per share following second-quarter 2026 financial results. While Cameco maintained its full-year 2026 production volume targets, the company raised its 2026 unit cost guidance by 3% to 7%. Nevertheless, Bank of America projects 2026 adjusted earnings per share of C$1.69 for Cameco, citing rising uranium realizations and its strategic 49% stake in Westinghouse Electric Company.

As long-term contract prices rise, investor focus is naturally shifting toward key production regions, most notably Saskatchewan’s world-famous Athabasca Basin. Boasting ore grades that are tens to hundreds of times higher than the global average, the basin remains a key focus for advanced project developers such as NexGen Energy Ltd. (NYSE: NXE) and Denison Mines Corp. (NYSE American: DNN). While high-grade discoveries make prime takeover targets for legacy producers seeking reserve replacement, the decade-long timelines and substantial capital required for deep underground development mean greenfield exploration cannot fix near-term deficits overnight.

To bridge the immediate gap, capital is also flowing into agile production models and direct commodity exposure. Near-term In-Situ Recovery (ISR) developers like Energy Fuels Inc. (NYSE American: UUUU) offer faster routes to market with lower initial capital requirements. Meanwhile, institutional capital looking for pure spot exposure without project execution risk continues to utilize vehicles like the Sprott Physical Uranium Trust (TSX: U.U). With utility contract coverage at multi-year lows and government backing reaching historic levels, the uranium sector appears set for a prolonged period of pricing power.

Sources

  • Investing.com – "BofA raises uranium price forecast, sees 50% gain by 2027" (Garrett Cook, August 2026)
  • U.S. Energy Information Administration (EIA) – Uranium Marketing Annual Report Data (2025–2026)
  • Bank of America Equity Research – Cameco Corporation (NYSE: CCJ) Q2 2026 Model Update
  • U.S. Department of Energy – Domestic Nuclear Energy Infrastructure Mandates and AP1000 Reactor Commitments

Disclaimer

Neither the author of this article nor JuniorStocks.com holds equity, stock options, or any other financial positions in Cameco Corporation (NYSE: CCJ), NexGen Energy Ltd. (NYSE: NXE), Denison Mines Corp. (NYSE American: DNN), Energy Fuels Inc. (NYSE American: UUUU), Sprott Physical Uranium Trust (TSX: U.U), Bank of America, or any other companies mentioned in this publication. This content is published by JuniorStocks.com strictly for informational purposes, was prepared independently without company compensation, and utilized AI assistance for text editing, formatting, and generating accompanying media. While the nuclear energy market and Saskatchewan’s Athabasca Basin represent a compelling frontier in the global energy transition, this article does not constitute investment or financial advice. Investors are strongly advised to conduct their own thorough, independent due diligence and consult with a qualified financial professional before making any investment decisions.

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