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A tunnel at Cameco's Cigar Lake uranium mine in northern Saskatchewan

Hathor Exploration Ltd. last week rejected Cameco Corp.'s $520-million hostile bid for the uranium explorer, calling the predatory offer too low. Raymond James Ltd. analyst Bart Jaworski, who has just reviewed Hathor's latest exploration results, agrees.

Assay results were released from several holes at the Far East zone at Hathor's Roughrider uranium deposit in the Athabasca Basin of Saskatchewan, furthering the case that the site has the potential for much more mineralization.

The results "continue to demonstrate size expansion and further exploration upside at Roughrider. In our view, this should justify Cameco increasing its $3.75 per share offer," said Mr. Jaworski.

Investors are betting a sweetened, or competing bid will be forthcoming, with shares continuing to trade above the offer price. The $3.75 cash bid is 45 per cent above where the stock was trading prior to the announcement of the takeover attempt.

Hathor's Roughrider project is just 25 kilometres from Cameco's Rabbit Lake mill and is estimated to have the potential to produce at least 5 million pounds of uranium annually. Hathor also has other assets in the area.

Some observers have suggested that the most likely scenario would be for Cameco to increase its bid, rather than for a white knight bid to emerge. That's because uranium is considered a strategic asset in Canada, making it tougher for foreign entities to fully develop the assets, especially if they want to have majority ownership.

Upside: Mr. Jaworski reiterated his "outperform" rating and $5 target.

Oracle Corp.'s quarterly results "were respectable, but not spectacular," reflecting the reality of a slow, but not plummeting, macro environment, said Canaccord Genuity analyst Richard Davis. Hardware revenues missed consensus but growth in software showed good execution. He recommends buying the stock given that it trades at a relatively low 10 times estimated 2012 earnings per share.

Upside: Mr. Davis maintained a $38 (U.S.) price target.

Longview Oil Corp. , with its 6 per cent dividend yield and expected 10 per cent annual production growth rate, offers investors an attractive investment opportunity, contends CIBC World Markets Inc. analyst Arthur Grayfer. He likes the energy firm's focus on oil production and sees potential for significant long-term growth from unconventional energy assets.

Upside: Mr. Grayfer initiated coverage with a "sector performer" rating and $12.75 price target.

Renegade Petroleum Ltd. announced a $15-million increase in its credit facilities, giving the company significant financial flexibility as it continues to ramp up its drilling activities, commented Raymond James Ltd. analyst Luc Mageau. "We have increased our expectations for the company's second half 2011 capital spending and recommend investors continue to buy Renegade for its strong near-term outlook and long-term growth potential," he said.

Upside: Mr. Mageau rates Renegade as an "outperform" with a $5 price target.

This week's selloff in shares of Peregrine Diamonds Ltd. presents a buying opportunity, maintains Desjardins Securities Inc. analyst Brian Christie. Its asset base remains "very prospective" and upcoming exploration results at its diamond plays should support its progress from a promising exploration play to a development company, he said. "We spoke with management, which outlined a solid pipeline of news for the coming months."

Upside: Mr. Christie reiterated his "buy" rating and $3 price target.

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