'Uniquely positioned': Goldman initiates on uranium company Energy Fuels with 'buy'

Goldman Sachs has initiated coverage of mid-cap uranium producer Energy Fuels with a "buy" rating. The company owns the only U.S. facility capable of processing both conventional uranium and rare earth elements, Goldman Sachs explained.

The bank set an initiation target price of $30 per share, implying roughly 33% upside to the close on Wednesday, February 11, CNBC reported. The stock rose 3.2% that day to $22.46 per share.

Energy Fuels owns the White Mesa Mill uranium deposit and enrichment plant, the only U.S. facility capable of processing both uranium and rare earth elements, Goldman Sachs analyst Brian Lee noted, as cited by CNBC.

Lee also noted that Energy Fuels has three heavy mineral sands assets, feedstock for rare earth element production, that are scheduled to come online over the next five years, Seeking Alpha reported.

This, along with the ability to expand production of light and heavy rare earth elements, puts the company in a unique position relative to competitors, especially given strong demand and pricing trends for these raw materials, Lee said.

Among other favorable factors for Energy Fuels shares, the analyst cited the U.S. government’s active support for domestic supply and production capacity for critical minerals.

In autumn 2025, China threatened to restrict exports to the U.S. of rare earth minerals, for which China accounts for about 85% of global processing. In early February, Trump signed an executive order launching Project Vault to create the first U.S. strategic mineral reserve. According to Trump, the plan involves raising $1.67 billion in private capital and a $10 billion loan from the U.S. Export-Import Bank.

Energy Fuels shares are up 58% year to date.

Wall Street sentiment is broadly sanguine: eight analysts rate the stock a “buy” versus a single “hold,” according to MarketWatch data. The average target price of $26.80 per share implies about 19% upside relative to the Wednesday close.