Bull alert! Bell Potter just put a buy rating on this ASX uranium stock

Boss Energy Ltd (ASX: BOE) and Paladin Energy Ltd (ASX: PDN) shares are popular options when it comes to ASX uranium stocks.

But they are not the only options.

One under the radar uranium stock that has caught the eye of the team at Bell Potter is in this article.

Let's see what the broker is saying about this one.

Which ASX uranium stock?

The stock that Bell Potter has initiated coverage on today is Devex Resources Ltd (ASX: DEV).

It is a Perth-based uranium company focused on the Alligator Rivers Uranium Province (ARUP) on the north-western margin of the Northern Territory's McArthur Basin.

Bell Potter notes that the ASX uranium stock has consolidated a district-scale land position with over 50km of highly prospective fault corridors which host existing uranium discoveries.

Its systematic exploration program will target unconformity-type uranium deposits, with the McArthur Basin analogous to Canada's highly fertile Athabasca Basin, which is a region responsible for around one quarter of the world's uranium supply. The broker also expects the company to be active in further consolidating the uranium industry.

Should you invest?

If you have a high tolerance for risk, then this could be an ASX uranium stock to buy according to Bell Potter.

This morning, the broker has initiated coverage on Devex Resources shares with a speculative buy rating and 41 cents price target.

Based on its current share price of 25.5 cents, this implies potential upside of 60% for investors over the next 12 months.

Bell Potter believes the company is well-placed to benefit from growing demand for uranium from electrification, energy security, and AI-related power requirements.

Commenting on its investment thesis for the stock, the broker said:

The key value catalysts for DEV include uranium market fundamentals, exploration results and M&A-led growth. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements.

DEV is about to embark on a systematic exploration program across a district-scale consolidated landholding in a historical but underexplored uranium province analogous to Canada's Athabasca Basin, a region responsible for around one quarter of the world's uranium supply. We expect DEV to be disciplined in further consolidating uranium assets in support of its ambitious growth targets.

The post Bull alert! Bell Potter just put a buy rating on this ASX uranium stock appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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