Cameco , one of the world’s largest publicly traded uranium miners, is positioned for long-term growth despite lackluster first-quarter results, as Western power companies seek secure nuclear supply chains, according Goldman Sachs. Goldman has raised Cameco’s price 12-month stock price target by $1 to $56, implying 15.7% upside from Friday’s close. Shares of the Canadian miner fell more than 7% after the company reported a first-quarter loss of $7 million on April 30, down from the $119 million profit in the year-ago period. Cameco then bounced 6% to recoup most of those losses through Friday’s close. CCJ YTD mountain CCJ 3-mo chart “We continue to see CCJ as a key means of gaining exposure to the entire value chain of uranium,” Goldman analysts lead by Neil Mehta told clients in a note Monday. Uranium prices have been on tear over the past 12 months, with the Global X Uranium ETF (URA) up 53% over that period. Though Cameco’s sales of 7.3 million pounds of uranium in the quarter missed guidance of 8.25 million pounds, the company maintained its full year guidance of 32 to 34 million pounds. Cameco’s stock is still up about 16% for the year and nearly 80% over the past 12 months. “We continue to believe that an increased need to source volumes from lower geopolitical risk jurisdictions and from low cost providers is likely to drive a migration of imports from Canada and as a result from Cameco, driving both volume and price benefits for the company,” Mehta and his team told clients. Governments around the world increasingly view nuclear power as a key pillar of the energy transition because the technology can provide reliable carbon-free energy at a time when electricity demand is rising. Western countries are seeking secure supplies of uranium to support a nuclear buildout, rather than relying on Russia or neighboring Kazakhstan. The U.S. Senate passed legislation to ban completely imports of Russian low-enriched uranium in 2028. Power companies are required to seek alternative sources of uranium 90 days after President Joe Biden signs the legislation, unless the Secretary of Energy grants a waiver. The waivers would expire in 2028.