Uranium companies, like Cameco Corporation (CCJ), are booming, thanks to a global nuclear revival.

European leaders, realizing their countries are too dependent on Russia for natural gas, are looking again into nuclear power generation. French President Emmanuel Macron, for example, called for a “nuclear renaissance.” British Prime Minister Boris Johnson reportedly has a plan that will “involve building new plants as quickly as possible to get Britain back to getting 25% or more of its electric power from nuclear power.”

Reuters reports that Germany’s economy minister Robert Habeck “…is weighing whether to extend the life-span of [Germany’s] remaining nuclear power plants as a way to secure the country’s energy supply in the face of uncertainty over Russian gas supplies.”

Even China, India, and the United States are making big nuclear investments… especially as they attempt to move away from fossil fuels in favor of green energy.

So it’s no surprise uranium stocks, like CCJ, are reaching higher highs—and upgrades. In fact, on Monday, RBC analyst Andrew Wong upgraded the stock to a buy with a price target of $40 from $24, believing Europe could use more nuclear power going forward.

As Wong wrote earlier this week (first quoted Barron’s): “We believe the Russia/Ukraine war and subsequent shift in Western markets away from exposure to Russia have fundamentally changed the uranium market outlook and long-term market structure.…We see Cameco as best-positioned to meet market needs in this transition with Western-based proven and potential production along the nuclear fuel cycle.”

Bank of Montreal analyst Alexander Pearce also recently upgraded CCJ to a buy, with a price target of $34 from $26. At the time of the upgrade, Pearce wrote: “In a sector with a limited number of listed producers, Cameco’s stock trades on sentiment more than most. Thus, with momentum for low-carbon nuclear generation continuing to build and security of supply an increasingly important factor for utilities/governments, we think Cameco’s advantageous geographical production base, and its position as the largest and most [freely traded] uranium stock means there should be further upside to its stock price.”There you have it. With multiple catalysts for growth, investors should pay very close attention to uranium stocks, like Cameco Corp.