Bell Potter has increased the price target on Australian company, Deep Yellow (ASX:DYL), to A$1.84 per share, up from the previous A$1.06 per share, while maintaining the ‘buy’ rating.

The company’s shares saw an upward trend, climbing as much as 4.7% to A$1.34, hitting a peak not seen since September 2021.

The brokerage firm predicts that Deep Yellow will leverage the strong uranium price momentum.

It is anticipated that the company will transition its flagship projects, Tumas and Mulga Rock, into production phase within the next three to four years.

In addition, Deep Yellow (ASX:DYL) boasts an advanced portfolio of assets ready for development in locations such as Namibia (Tumas) and Western Australia (Mulga Rock).

To date, the stock has increased by 82.9% this year, as per the last closing figures.

Deep Yellow is a company specializing in the exploration and production of uranium resources, with key projects located in Namibia and Western Australia.