The Paladin Energy Ltd (ASX: PDN) share price is off to a solid start on Friday.
At the time of writing, shares in the uranium player are up 2.7% to 95 cents apiece despite no price-sensitive news.
Brokers constructive on Paladin share price
Energy and energy-related shares continue to catch a bid since the market's bounce in June, helped by a number of macroeconomic crosscurrents.
As seen on the chart above, Paladin comes into the session on Friday having soared more than 25% over the past month of trade, screaming up from lows of 58 cents on 22 June.
Noteworthy is a note from investment bank Macquarie on its outtake for the uranium market looking ahead.
Analysts at the firm reckon that uranium prices will lift another 17% to 21% on top of previous forecasts, now that countries are seeking to shore up alternative energy supplies.
The move has seen the broker lift its price target for Paladin at the same time, noting the company is well positioned to capitalise on these tailwinds.
Paladin is "fully licensed in known uranium jurisdictions" and has a "near-term path to market", Macquarie says, something that couples well with its outlook for the uranium sector.
"A ramp-up in [uranium] demand is expected with recent news that Japan ordered the development of new nuclear reactors," it added.
The broker values Paladin at $1.10 after lifting the target on its share price by 22% from previous estimates. That suggests a potential upside of 15.8% on the current share price.
Meanwhile, four out of five firms covering the company rate the Paladin share price a buy right now, according to Refinitiv Eikon data.
The consensus price target is $1.13 from this list, suggesting a small portion of upside to be captured if the group is correct.
In the meantime, the Paladin Energy share price is up around 16% in the past 12 months.
