BofA is turning more cautious on commodities broadly, but uranium is bucking the trend as the firm’s top conviction call for 2026.
The bank’s commodities team cut 32 price objectives across its coverage, including 21 in precious metals, five in base metals and four in steel, and lowered 2026 estimates for 31 of the 33 companies it tracks
Yet even with the broader pullback, uranium stands out. BofA sees 23% upside on a 2026 average basis versus spot, the biggest gap in its coverage universe, followed by nickel at 11% and platinum and silver both at 10%. Cameco Corporation (TSX:CCO), Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) and Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) are the firm’s top picks.
Cameco stays the top uranium call Uranium remains BofA’s favorite theme in the sector. Spot prices are still trading 23% below the firm’s 2026 average forecast, a gap it attributes to contracting frictions, tight supply discipline and utilities restocking their inventories. Cameco holds onto its spot as BofA’s top uranium pick, with the bank citing the company’s leverage to higher realized prices, a solid balance sheet and about 48% upside to its price target.