Where is Denison Mines Corp. (DNN) Headed According to the Street?

Denison Mines Corp. (NYSE:DNN) is one of the best strong buy penny stocks to invest in. On February 4, CIBC reiterated a Buy rating on Denison Mines Corp. (NYSE:DNN) with a price target of C$6.50. Denison Mines Corp. (NYSE:DNN) also received a rating update from Raymond James on January 14, with the price lifting the price target on the stock to C$5.05 from C$4.30 while maintaining an Outperform rating on the shares. The firm told investors that the price target update was a part of its mining update, adding that it continues to favor copper in the base metals complex as it anticipates growing deficits in the medium to long term.

In another development,  Denison Mines Corp. (NYSE:DNN) announced on January 8 the availability of grid power supply from Saskatchewan Power Corporation at the site of the future Phoenix in-situ recovery uranium mine after the recent installation of a new 138kV transmission line. This availability marked a notable step in de-risking the execution of the Project, as the site’s electrification is on the critical path of activities planned for the first year of construction. It also supports the establishment of the freeze wall planned to surround the initial mining area.

Denison Mines Corp. (NYSE:DNN) is involved in the exploration and development of uranium. The company holds interests in the Athabasca Basin, Wheeler River, Midwest Project, McClean Lake, and Waterbury Lake.

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Disclosure: None. This article is originally published at Insider Monkey.