Whilst the ASX has largely had a turbulent 2025, one stock that has risen is Boss Energy shares.
Boss Energy Ltd (ASX: BOE) is a multi-mine uranium producer, with 100% owned Honeymoon project in South Australia and 30% ownership in Alta Mesa project in South Texas.
It has had a rough last 12 months, down 44.98% over that span.
However, it has kicked off 2025 with a strong start, up 6% since the start of the year.
For context S&P/ASX 200 Energy (ASX:XEJ) is down more than 22% in that period.
At the time of writing shares in Boss Energy are trading at $2.63.
However, broker Macquarie recently released a detailed report that includes an updated 12 month price target of $4.60.
This insinuates a 74.9% upside.
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Why Macquarie is bullish on Boss Energy shares
According to the report from Macquarie, Boss Energy is seeing strong production at their "Honeymoon" site in South Australia —almost 296,000 pounds in the last quarter.
They are on pace to pass their full-year target of 850,000 pounds, which is a sign of strong operations.
They also believe the secondary site in South Texas is starting to produce more uranium too—about 700,000 pounds per year right now. It is expected to continue growth into 2026.
The broker's "outperform" rating is also influenced by the company's strong balance sheet. According to Macquarie:
Our FY25 NPAT is +$3m on improved production & interest revenue, and we raise FY26e by 9% on an accelerated ramp at both Honeymoon & Alta Mesa.
Essentially, Macquarie believes Boss Energy will make more profit in 2025 and 2026 than previously expected, due to increased production and interest earnings.
What are other brokers tipping?
It appears not just Macquarie have high expectations for Boss Energy shares.
Bell Potter has a "buy" recommendation and target price of $4.65.
Meanwhile, analysts at Trading View have a 12 month price target of $3.85.
Online Brokerage platform SelfWealth has an average price forecast of $3.84.
