Uranium Could Soar 50% In 2026 - Bank Of America Names Top Nuclear Stock To Buy

Uranium is quietly setting up for one of the most powerful commodity rallies of the next cycle, according to Bank of America, as tightening supply, accelerating demand from data centers and renewed political backing for nuclear energy converge.

Michael Widmer, Bank of America's metals strategist, expects uranium prices to climb to $130 per pound by the fourth quarter of 2026, followed by $135 in 2027. That implies an over 50% upside from current levels, reaching highs last seen in 2008.

A Market Already in Motion

Uranium and nuclear-related equities have already staged a powerful comeback. Since the April 2025 lows, the group has surged roughly 168%, as investors began to reassess nuclear energy's role in a power-hungry world.

“Many investors are focused on the long timelines for new reactors and the challenges of new technologies (e.g. SMRs),” Bank of America strategist Jared Woodard said in a Thursday report.

“This is understandable, but in our view, the bullish case for nuclear power looks stronger than it did a year ago,” he added.

The investment bank warned that a supply disruption in Asia or a scramble among data center developers to secure reliable baseload power could trigger a temporary price overshoot beyond forecasts.

The policy backdrop is also changing fast. Nuclear power has quietly become a strategic priority for the U.S. government, with bipartisan momentum building around energy security.

Most recently, $2.7 billion was approved to support domestic uranium enrichment — a move aimed at reducing reliance on foreign supply chains and strengthening the nuclear fuel ecosystem.

Similar policy signals are emerging globally, reinforcing the idea that nuclear power is no longer a transitional energy source, but a long-term pillar of baseload electricity.

Top Uranium ETFs For Nuclear Exposure

Bank of America highlighted three exchange-traded funds that offer diversified exposure to the uranium rebound:

• Global X Uranium ETF (NYSE:URA): broad mix of miners and developers
• VanEck Uranium & Nuclear Energy ETF (NYSE:NLR): tilted toward nuclear utilities
• Sprott Uranium Miners ETF (NYSE:URNM): focused on pure-play uranium miners

The Top Nuclear Stock To Own

But when it comes to single-stock exposure, Bank of America has a clear favorite.

The firm's preferred name for 2026 is Cameco Corp. (NYSE:CCJ), one of the world's largest and most strategically positioned uranium producers.

Bank of America recently raised its price target on Cameco to $125 per share after increasing its valuation multiples to better align with nuclear utility peers.

The firm cited Cameco's scale, contract positioning and leverage to rising uranium prices as key advantages.

“CCJ is the only large, liquid, U.S. listed vehicle offering exposure to the entire nuclear supply chain (mining, refining, enrichment, fabrication, and reactor technology),” said analyst Lawson Winder, CFA.

“CCJ’s diversification is especially important given current market conditions where conversion and enrichment capacity are in short supply,” he added.

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