In a research report published Friday, Roth Capital analyst Joe Reagor reiterated a Buy rating on Uranium Resources (NASDAQ:URRE), and reduced his price target to $3.50 (from $4.00), which represents a potential upside of 80% from where the stock is currently trading.
Reagor explained his new target saying, “We believe URRE has enough cash and availability on its ATM to fund another 12 months, but in order to start production in Texas or to fund corporate expenditures beyond that point, URRE would need to raise additional capital. As a result of this expectation, we are cutting our price target to $3.50 from $4.00. We are also maintaining our Buy rating as we believe URRE’s depressed market value presents a value opportunity.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joe Reagor has a total average return of -19.1% and a 13.9% success rate. Reagor has a -44.1% average return when recommending URRE, and is ranked #3344 out of 3364 analysts.