BofA's bullish outlook is driven by tight supply, lower utility contract coverage (48% vs. 56% last year), and increasing global nuclear investment. Notably, U.S. plans include 400GW nuclear capacity by 2050, 10 new AP1000 reactors, and $2.7 billion for domestic enrichment. The bank maintained a Buy rating on Cameco ($CCJ) but cut its price target by 5% to $133, following higher 2026 cost guidance from the company.