This ASX 300 uranium stock has 35% upside in 2024

Bell Potter still sees major upside potential for this high-flying uranium share.

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The Boss Energy Ltd (ASX: BOE) share price has caught the eye in 2023.

Since the start of the year, the ASX 300 uranium stock has risen an impressive 96%.

The good news is that the gains may not be over according to analysts at Bell Potter.

This morning, the broker has responded very positively to an acquisition announcement by the uranium developer.

What is the broker saying about this ASX 300 uranium stock?

Bell Potter highlights that Boss Energy has agreed to acquire a 30% interest in the Alta Mesa in-situ recovery restart uranium project currently 100% owned by enCore Energy.

It notes that "by the end of FY24, BOE should be a multi-asset, geographically diversified uranium producer, which aligns the business to the likes of Cameco."

It sees "positives in the transaction being 1) diversification in production base, 2) a stake in a US operation and 3) multiple expansion for the BOE business."

And while the broker acknowledges that the deal is not without risks, it sees the "benefits significantly outweighing the risks for BOE."

In light of this, Bell Potter retained its speculative buy rating with an improved price target of $5.69.

Based on the current Boss Energy share price of $4.17, this implies a potential upside of 36% for the ASX 300 uranium stock over the next 12 months.

Overall, the broker is feeling very positive on this ASX 300 uranium stock due to the above and the demand outlook for the chemical element. It concludes:

Uranium fundamentals continue to support our pricing thesis which is based on 1) advancement in Nuclear energy across the globe (60 reactors currently under construction) filtering through to a growing demand for U3O8 and 2) a lack of near-term supply as producers exited the market post Fukushima. BOE's Honeymoon operation is set to restart production in Dec-23, offering utilities stability of supply / jurisdiction from a known asset and management team. The recent acquisition of a 30% interest in the Alta Mesa joint venture, diversifies BOE's operations and revenue streams, making BOE one of only two geographically diversified uranium producers in CY24.

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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