Cameco Corp. (NYSE: CCJ) reported lower third-quarter earnings, causing a 10% drop in stock value. However, the stock surged before earnings due to future prospects, including a $80 billion partnership with Brookfield Asset Management for new Westinghouse nuclear reactors.

The U.S. government partnership with Cameco does not extend to its core mining business, clarifying CEO Tim Gitzel. Cameco reported $614.56 million in revenue, 18% lower than forecasts, but an improvement from the previous year’s loss.

CCJ stock is currently correcting after hitting an expensive price-to-sales ratio of 11.6x. A drop below the 20-day SMA and negative MACD line indicate potential for a deeper correction to the $80 or $73 price levels, offering a buying opportunity for long-term investors. Analysts have a consensus price target of $102.61, 13% higher than current prices.

Read more at Nasdaq: Cameco Stock Falls After Earnings, Why the Dip May Be a Gift